Change is inevitable. It is kind of like death and taxes. No matter how well planned and organized you might think something is, give it time, it will change. Today’s rant is brought to you by my latest disappointment in banking and life upheaval 101.
I am so disappointed in Capital One!
They bought my favorite banking institution a number of years ago, but it wasn’t until recently I actually started paying attention. [New goal in life: Be in a position where I can fire and forget a ‘stash’ account!]
This is a wee bit of a tale of woe. Years ago, I opened an account with ING Direct! This was ‘bleeding edge’ banking and I gave it a try, not to mention they were offering the highest rates of return for savings. I LOVED it. This was the BEST banking UI and experience I had ever encountered! It was better than my brick and mortar experiences, hands down! Mind you, this was all before the whole “Mobile First” approach and we back-office types were still trying to figure out how to plumb the system, not to mention how unsettling this completely virtual banking relationship seemed to many of us, BUT they offered a high-yield alternative to traditional banks.
The timing was opportune for ING Direct – they were already offering decent rates for minimal deposits. (Probably the incentive that got my attention…but we are talking about a decade ago…) I locked in a 5% rate on a traditional CD for as little as $1,000. Sure do wish I would have had more to risk!
The onboarding for ING Direct was old school. It was multi-factored authentication, but it required the end-user to jump through a few hoops. I actually liked it. I remember telling my fellow product designers about how ‘comfortable’ I felt every time I logged into that account.
Fast forward to today. A lot of time has passed. My cd matured. I rolled it over, but am not getting anywhere near as much interest! Capital One said they were going to make this new account the ‘best of both worlds‘ I am here to tell you they failed – epically! Dear heavens why did you have to make this so painful, to do the same things ING Direct was doing so successfully?