“Charging for basic banking services must not become the norm for traditional banking. Customers will not accept this and it will just accelerate the transition to fintech competitors.
“Instead of charging customers for basic services which, for years now, have been provided for free, traditional banks must focus on providing new and improved services to attract new customers and retain existing ones. They must take a leaf from the book of fintech banks and work towards offering their customers both a seamless and personalised online service.
“For traditional banks, the next step on this journey is to take on the last mile of digitalisation. Now more than ever, it is vital that customers can complete processes without stepping foot in a branch. Currently, due to paperwork and in-branch checks, this is often impossible when banking with traditional banks. With digital customers rising by 11% since the pandemic, added to an existing 58%, there is huge opportunity for banks to streamline their customer experience. Banks are quickly losing the stick or twist option; it’s rapidly becoming twist or bust.”
Alex Kwiatkowski, Principal Industry Consultant, Global Banking Practice at SAS UK & Ireland