your financial institution's checking account strategies must evolve to survive in the new subscription economy
Nearly half of 30-something Millennials said they would pay $5-10 a month for an Amazon checking account, including cell phone damage protection, ID theft protection, roadside assistance, travel insurance and product discounts, according to a recent survey conducted by Cornerstone Advisors.
- Less people from all age segments said they'd open a free account from Amazon.
- Almost 60% of people would at least consider switching accounts if their primary FI offered this same type of checking account.
- More people in fee-based accounts are referring their bank than those in free accounts.
Consumers are willing to pay for value when it comes to banking products.
Download the free white paper by Ron Shevlin, Director of Research at Cornerstone Advisors that is loaded with more insights, including:
- Threats to checking accounts, like P2P payments, retailer mobile apps and robo-advisor tools.
- Who, and how many, are paying for free checking accounts versus fee-based checking accounts.
- Why fee-based accounts get referred by friends and family more than free accounts.
- How an account with value leads more people to switch accounts.
- And much more.