"trust" is too strong of a word here (do you trust that your bank has their act together 100%?), but I don't see how these developers would be less trustworthy than the bitcoin core dev team or ripple labs etc etc.
If anything, the banks and financial industry in general are reasonably rigid and not very interested in chasing "the next best thing" just for the sake of it.
A very obvious outcome of this approach is the ridiculous amount of time it takes to clear an ACH transaction domestically for example.
I guess my point is when it comes to implementing changes the banks are no less trustworthy then most of the other players in the financial industry.
...the ridiculous amount of time it takes to clear an ACH transaction domestically for example.
My impression is that this has more to do with banks' desire to book transactions at just the right time (e.g. to maximize fees charged or minimize leverage ratio) than with technical limitations.
ACH flow is basically a set of batches executed by the parties involved in a sequential manner, taking about a day each with cutoff times sometimes as early as 2PM EST to boot. This system dates to the 70s.
Mexican SPEI system for example is almost real time (they too have a cut off time I think it's 5 PM EST).
If anything, the banks and financial industry in general are reasonably rigid and not very interested in chasing "the next best thing" just for the sake of it.
A very obvious outcome of this approach is the ridiculous amount of time it takes to clear an ACH transaction domestically for example.
I guess my point is when it comes to implementing changes the banks are no less trustworthy then most of the other players in the financial industry.