In this report, we look at ways to develop subscription-based services delivered primarily through online and mobile banking.
After a decade-lone free ride, it’s time for banks to deliver, and consumers to pay for, value-added online services.
We are not suggesting banks charge for straight-forward data access, that clearly must be provided free of charge. But there is a whole host of niche services that certain consumer segments will value highly, and that can be delivered with sold profit margins.
For example, Mercantile Bank of Michigan, one of the most innovative community banks in the nation, has enrolled nearly 30% of its online banking consumer customer base in a novel $4/mo value-added service that provides users a sneak peak at pending transactions the day before the charges hit their checking account.