By offering added-value packaged accounts in return for higher monthly fees, banks can counter the decline in their core sources of revenue.
Consumers attempting to stick to a budget have a number of tools available to them through their mobile phones to aid the management of their money. Regular micro-management of finances facilitates saving and keeps track of everyday spending. Third-party providers are currently leading the field but these tools are a clear next step for mainstream banking apps.
Loyalty in banking is a perennial concern, but banks could boost their retention rates by appealing to more women.
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