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.
Mass affluent customers show much greater demand for innovation in banking services than their mass market counterparts, and are willing to switch providers if not satisfied.
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