With this in mind, our recipe in 2020 for a banking experience to help customers thrive in the brave pursuit of next is timeless. That recipe is LEAD—Make it Light and Ethical, including simpler, transparent pricing and fewer payment options, and more Accessible with a combination of voice and touch. Make it Dataful, built around customer life goals. Here is more on each of these trends.
How much do customers pay for financial services?
Unlike a Netflix bill, most consumers struggle to say what they're charged for a checking account, ATM withdrawal, loans, advice, trades, and portfolio management.
The costs are spread across multiple providers, and fees are confusing and constantly changing. In 2020, banks will experiment with simpler pricing and product bundles, determining how much customers will pay, for what, and how to make it easy to understand. Monthly plans like Schwab's $29 for financial advice, and MoneyLion's all-you-can-eat banking—also $29—already demonstrate the value of simplicity.