Regulation is making banks react in different ways. One big bank is looking to trim costs by cutting jobs in the consumer and small business units. While others majors are looking to find alternate sources of revenue. Almost all national banks have started to take away free checking while a few others are starting to charge a $5 ATM fee for use by non consumers. Trouble is that consumers have gotten used to everything for free (online, mobile, bill pay, remote deposit capture) and it will take a while before they realize they have to pay for using the bank’s services.
At the same time, there is an opportunity to increase pricing/charge more by making things simpler and making it easier for consumers to manage their financial lives.
According to Siegel+Gale, which surveyed 6,000 consumers in seven countries to gauge perceptions of brand simplicity, U.S. consumers would be willing to pay 4% more for bank products and services if only they came with clearer rules, streamlined options and fewer hassles.
Not surprisingly, in the survey, the lower the income bracket of respondents, the less willing they would be to pay more for simpler products, services and communications from banks. Among respondents with household income of at least $150,000, 17% said they would pay a simplicity premium, versus 5.9% among respondents with household incomes under $20,000.
Below is the ranking from the American Banker article.
Wow! Your article has a ton comment posts. How did you get all of these bloggers to view your blog I’m envious! I’m still getting to know all about blogs on the net. I’m going to click on more articles on your site to get a better understanding how to attract more people. Thanks for the help!
32XhBQ Glad I’ve fnailly found something I agree with!
I’ve been surfing online greater than 3 hours nowadays, yet I never found any attention-grabbing article like yours. It is beautiful price sufficient for me. In my opinion, if all web owners and bloggers made just right content as you probably did, the web can be a lot more useful than ever before.
Don’t keep a man guessing too long – he’s sure to find the answer somewhere else.
There are two types of people in this world: good and bad. The good sleep better, but the bad seem to enjoy the waking hours much more.
Interestingly, according to modern astronomers, space is finite. This is a very comforting thought – particularly for people who can never remember where they have left things.
Such a deep awnser! GD&RVVF
Don’t look now, but there’s one too many in this room and I think it’s you.
I’ve learned so much from this article. Hopefully others can find value in my site as well!.
Gee williekrs, that’s such a great post!
What a nice site is this. I am so thrilled that I did hit upon it. Amazing post. Many thanks for the valuable info. I will be back for more
Hello, not bad job, if I wasn’t so bogged down with my university work I read your total website. Thanks so much!
Kudos from one brain to another.
I am brand-new to blogging and actually loved your blog. I am going to bookmark your site and keep checking you out. Thank you very much for sharing your web site.
You can depend me in for a Digg. I really have to say thanks for posting this on your web site!
Hey, you?re the goto epexrt. Thanks for hanging out here.
This was a good read. Thanks for the post.
AKAIK you’ve got the asewnr in one!
Can’t wait for your next post. Thank yoU!
Definitely, what a splendid site and informative posts, I definitely will bookmark your blog.Best Regards!
Found your article on google, interesting read, thanks!
Thank you so significantly for your personal decent suggestion.I am going to give it a have a go with.
I wanted to write a quick note to express my thanks. I'm really impressed by a blog unique and perfectly chosen and organized!
Plano Alarm
Thanks for the post. I totally agree that banks are looking for alternate sources of revenue.
Thanks for the post. Couldn't agree more. Not sure if customers are willing to pay for simplicity. Depends on so many factors.
psTraR msnylaopxsui
I totally agree with watford. May be the banks are looking other source of revenue but the Customers never pay for Simplicity.