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Fee-based Banking: Sizing the Global Market Opportunity, Verdict

  • January 2013
  • -
  • Verdict Financial
  • -
  • 52 pages

Summary
Encouraging the use of paid-for packaged accounts gives banks an excellent opportunity to increase their revenues, which is a vital consideration given that pressures on net interest margins have cut banks' usual sources of income. This report examines the market opportunity in countries with very different fee-charging structures for bank account operation.


Synopsis
- Identify the most effective strategies for increasing revenues from fee-based accounts in five key global markets.
- Learn what consumers want from packaged accounts through analysis of Verdict Financial survey findings.
- Assess how large the market for fee-based accounts in each country can potentially grow.

Reasons To Buy
- How much revenue currently comes from fee-based accounts in key markets, and how far can this grow?
- What do consumers in key markets see as the main benefits of packaged accounts?
- How do consumers perceive the existing level and structure of fees and charges in their respective markets?

Key Highlights
The incidence of fixed monthly account fees varies enormously across markets, from as low as 12% in the US to as high as 90% in South Africa. This, together with the fact that the level and complexity of transaction-based fees also differ markedly between countries, meaning that providers must use distinct strategies in each market.

The Indian market offers the greatest opportunities for expansion in fee-based banking, with the potential for revenues from fee-based accounts to rise from £2.7bn at present to £8.9bn. To achieve this, providers should market packaged accounts that include premium features such as personal finance management tools, and improve mobile provision.

Other strategies that will encourage consumers in key markets to switch to fee-charging accounts include offering competitive or simplified overdraft deals in return for a monthly fee, access to preferential rates on savings products, and promoting the convenience and time-saving qualities of packaged accounts.

Table Of Contents

Fee-based Banking: Sizing the Global Market Opportunity, Verdict

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