Navigating Banking's Customer Service Labyrinth | 18min snip from "Upstream" with Erik Torenberg

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E80: Financial Plumbing with Patrick McKenzie and Erik Torenberg

"Upstream" with Erik Torenberg

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CHAPTER

Navigating Banking's Customer Service Labyrinth

This chapter explores the inefficiencies and challenges of customer service in banks, emphasizing the frustrating tiered system that often leaves customers repeating their issues. It highlights the systemic disconnect between various service levels and the complexities of decision-making faced by financial institutions, particularly amid geopolitical tensions. Through anecdotes and historical perspectives, the chapter critiques how banks manage customer interactions while dealing with operational constraints and societal needs.

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In this episode of Upstream, Erik Torenberg interviews Patrick McKenzie (patio11) about the intricacies of the financial system, focusing on banking, money laundering, and regulatory compliance. They discuss several of Patrick’s essays from Bits About Money.

Patrick discusses the three stages of money laundering - placement, layering, and integration - and how the financial system has been deputized to act as law enforcement. The conversation touches on the unintended consequences of strict regulations, including their impact on economic growth and financial inclusion.

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LINKS:

Patrick’s Newsletter: https://www.bitsaboutmoney.com/

Seeing Like a Bank: https://www.bitsaboutmoney.com/archive/seeing-like-a-bank/

KYC and AMI: https://www.bitsaboutmoney.com/archive/kyc-and-aml-beyond-the-acronyms/

Money Laundering and AML Compliance: https://www.bitsaboutmoney.com/archive/money-laundering-and-aml-compliance/

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FOLLOW ON X/TWITTER:

@eriktorenberg

@patio11