New money-saving features in retail banking

The Wall Street Journal carried two interesting articles on retail banking today. I’m in the process of moving our business banking to Wells Fargo that shows up prominently in the list. Wells Fargo is doing a handful of things right.

The real story is the growing list of time-saving and money-saving features offered by banks today. I look forward to using Wells Fargo mobile wallet soon.

One complaint I have is the rather steep monthly fee for full integration with QuickBooks. There is no good reason to not use the service – clearly it saves a lot of accounting time and cost – yet there is no apparent reason that the enhanced linking service needs to be this expensive. I have small business clients that declined this time-saving expense. This ultimately increases their accounting costs so the resistance to an additional monthly fee is worth noting.

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