My CEO went to a local large bank and demanded as a condition of his business with them that they have an out-of-band communication (a phone call or SMS or whatever) with him before any outbound wire transaction can be attempted. They rejected his condition because they interpreted it as both (1) added liability due to all of the customers that could potentially claim they should have been similarly protected and (2) too much effort/cost/resources/whatever.

I don't deny that there are _corporatist government regulations_ (which largely prevent the best qualified engineers/entrepreneurs from wanting to tackle the consumer fintech problems), but banks are dragging their feet and the #freemarket hasn't developed a viable alternative yet.

The business model of all fintech is to ensure straight-through processing for as close to 100% of transactions as possible; if you have slightly more manual processing than competitors, then you can't be competitive price-wise.

A requirement "out-of-band communication [..] before any outbound wire transaction can be attempted" easily turns the processing cost (not price) from $0.02 to $20+ per transaction, a thousandfold increase, and that's assuming that this'd be offered as standard product and not a special case for a single customer.

If it's not made as a standard product, then it's really painful - it would mean that either the whole staff&systems would have to be trained for that customers needs (not likely unless you're bringing 10+% of the whole bank's revenue) or the customer wouldn't be able to use any standard banking channels ever, not the normal branches, not the normal online services, not the normal call centres, only directly through your private bankers.