tzor wrote:First of all payment systems in the US have been decades behind the times of everyone.
WiFi was invented in Europe for card readers because people didn't want to have their credit cards leave their sight as was (and still is) often the case in American restaurants.
Chips in credit cards was accepted in Malaysia in 2005 and not in the United States until 9 years later (2014).
Yes the United States is known for being backwards in banking technology. We freely admit it (at least those who know about the subject).
I don't entirely agree. The banking world likes to make people think banks accross the world are the same, but the thruth is they are not. In europe for instance, capital is managed on a more local level with banks keeping more to their classic operations, whilst in the US capital is managed on an (inter)national scale making products more marketable. American banks are the most profitable, efficient and flexible in the world. Making american banks more resilient against capital shortages, whilst european banks focus more on mitigating the default risks of their customers. It's gotten to the point where the Basel agreements themselves are put in question.
Meanwhile China is still looking for a way to solve its financial sector. They desperately need more regulation as private debts have been increasing at dramatic rates, to the point where China might face a Japan-like scenario if things continue and their total debt/gdp(public and private) might reach 300+% by 2022. It is especially important they get a grip on their shadow banking practices. They've taken steps already, but some analysts fear too little too late. It's gotten to a stage where some economists consider chinese banking to be the China's Achilles' heal.
All in all I wouldn't say american banking is any more backwards than the rest of the world, simply different.