Can we assume that the complexity and expense are inherent to the situation? Perhaps they have been created and "entrenched" by... interests?
People just don't seem to care how many times they get ripped off by WF. They don't move to the competition. They just stay there and take it over and over again. There is absolutely no incentive for banks to improve. Indeed, it is against the interests of big banks to improve the customer experience.
No, but neither can we discount that they may be. Financial regulations in particular usually come about in response to failures and abuses.
That's the just-so story they tell children, but in living memory the only function of new financial regulations has been to exempt rich assholes from consequences of already-illegal things they already did and decided they want to do more of. One wonders if one went back in history far enough, would this aetiology ever be correct?
Lots of measures have been put in place in the last decade to prevent '08 style crashes happening again.
The entrenched interests want less regulation, not more.
I'm sorry if you don't want to hear it, but some regulation is good and put in place to protect the consumer.