Banks Should STOP This TODAY (How We Believe Things Should Work)

The banking system, like many of the other industries in the world, has not evolved much with the current technology. They still operate as if it is the 1800s, and working with increasingly more greed. Here are a few things that we believe banks should stop doing today, and how we think things should really work.


There are high fees in almost every element associated with the banking ecosystem. There are high fees with domestic and wire transfers, high overdraft fees, and higher management fees, regardless of performance.

High Fees

When you think of a typical traditional bank, the first thing you probably think of are the bank fees. Yes, banks indeed have a wide range of fees. Bank of America, for example, charges a $35 nonsufficient funds fee, whereas Alliant Credit Union — one of the largest credit unions open to the public — charges just $25 for an NSF fee.
We believe that some services should be free, like checkings and savings accounts with $0 minimum deposits. Using new technology we can deploy both domestic and international transactions for a fraction of a penny. Charging someone extra for overdrafting fees, because they do not have money, does not make sense to us.
Another thing we wish to do differently is lower or omit from charging ridiculous ATM fees and international transaction fees. If you are a jet setter for business or pleasure, you know the cumbersome costs of traveling internationally. Adding further fees on top of those expenses is not how we intend to operate with our members.  

Traditional Branches

Poor Customer Service

A study by Consumer Reports (2015) suggested that one of the major cons of big banks is that they don’t understand their customers’ needs, as well as that they don’t provide personalized service. According to that survey, the four megabanks — Bank of America, Chase, Citibank, and Wells Fargo — which hold approximately 40 percent of all U.S. commercial bank assets, landed in the bottom fifth of the customer satisfaction rankings. 

This is where PlutusX Conversational Banking comes into play. Traditional banking is very corporate and the communication channels are sometimes slow, non-convenient and interrupt the new human behavior, which has changed over the last few years from emails to chatbots and text messages. At PlutusX, we don’t want to rely on salesmen, forms and follow-ups. Instead, PlutusX wants to make banking experience conversational and fun. Today, humans want answers immediately without waiting on the phone to be upsold a new credit card insurance. Thanks to the rise of intelligent chatbots, anytime a potential customer asks a question, PlutusX can now be there to provide a real-time response — 24/7, 365.

PlutusX wants to introduce a more engaging way to pay your friends, save for a group vacation and more. Here are a few technologies and concepts that PlutusX is using to introduce real conversational banking:

  • AI & machine learning
  • Instant messaging with your contacts on the PlutusX platform
  • Send money to the PlutusX contacts through the instant messenger
  • Create a group of contacts you want to save money with for a group vacation, business, or any other group events
  • Share milestones & goals with contacts.

Member Rewards & Community

In most institutional banks members are merely viewed as customers, numbers, pawns. This lack of community cultivates greed which prioritizes the bank’s bottom line, even at members personal expense. We have seen this pattern repeat countlessly with Wells Fargo from reckless lending to fraudulent accounts and most recently fraudulent insurance, costing members cars, jobs, and credit scores.
We believe that members are the foundation of our operation. Without them – we have nothing. We aim to remunerate members continually with various reward programs and incentives from access to our future cafes and airport lounges to cash back and shares profits. At PlutusX we strive to foster a collective sense of community, a sense of family. These reward programs are the least we can do to serve our cherished members.


The lack of financial literacy in individuals is the number one leading cause of irresponsible money behaviors. Current banking institutions spend little effort into mentoring and educating their clients. We believe that we should treat the cause before it becomes a problem.

Host Events

We won’t lie, learning about finances is pretty tedious and boring to most. Therefore, we won’t set up lessons or one-on-one sessions with an advisor, rather we intend to throw an extravaganza. Quarterly and annual events will be hosted at the relevant travel destinations. There we will have hands-on workshops, competitions with rewards and amazing guest speakers giving away top-tier education that is entertaining. We call it our edu-tainment solution to financial literacy.


Mobile Solutions

Mirroring our first paragraph, banks have failed to evolve with the technology. This could not be any truer with their mobile interface. Most local banks hardly have functioning apps or mobile features, much less any mobile solution in general.
We know that visiting a bank is becoming less and less frequent. We believe that implementing the right technology such as blockchain, machine learning, and updated versions of UI/UX and their respective languages can alter the whole banking experience completely.

Transactions Speeds

The same technology that allows for transactions to be dramatically less expensive is asymmetrically making transactions far more efficient. The time it takes for a TPS to settle is in the micro-seconds range. This is settled 100% from end-to-end. No longer are you waiting for days or weeks to have transactions settle.


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We are not financial advisors and none of this information should be misconstrued as financial advice. We strongly suggest that you consult your personal financial advisors. We suggest that you continue the research before coming to a decision even if this article is considered a portion of your research.

*Please note all investing involves risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Historical returns, expected returns, and probability projections are provided for informational and illustrative purposes, and may not reflect actual future performance.

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