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.
 

What else:

  • 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. 


     
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    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. 

     

    Questions about the report? Contact us at info@strategycorps.com