Wednesday, October 21, 2015

When Businesses Grow to Become Dysfunctional

Matt Henderson:

It was at this point that it occurred to me how dysfunctional large organizations like Bank of America really are. I was thinking, “If anyone’s thinking about disrupting the finance industry, it’s definitely ripe!”

At the end of the call, when Bob asked if there were any other comments I’d like to provide, I mentioned that of all the financial institutions I deal with, Bank of America is one of the very few that have not implemented standard two-factor authentication, using apps like Google Authenticator or Authy.

Bob had never heard of two-factor authentication, and asked me to explain it so he could pass on the recommendation to the appropriate team. I have to say it just felt funny explaining to a representative of one of the world’s largest financial organizations what two-factor authentication is. “Yes, it’s spelled A-U-T-H-Y. Yes it’s an app. That’s right, for smartphones.”

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