Industry News

Old banks won’t learn new tricks

Stage set for paperless, but lenders still demanding 'wet signatures'

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This past week I had the honor of attending a 100th birthday party. It wasn't mine, although it might as well have been. I am feeling that world-weary. The reality is that I will probably not enjoy my own induction into the centenarian club. Standing between me and mid-century is Bank of America, clutching desperately to my pant leg as I attempt to continue my forward march. In all fairness, my beef isn't only with Bank of America; it is with all lending institutions -- all "institutions," really -- that refuse to acknowledge and embrace change. Like my birthday honoree, these institutions were established in a different era. The only difference is that Uncle Nick isn't stuck in a 1900s time warp. I am starting to wonder if that Wells Fargo stagecoach isn't so much a logo intended to suggest longevity and solidarity, as it is a picture taken in the executive parking lot on Tuesday. My daughter and I were reflecting on the changes Uncle Nick had seen since his b...