Living without a bank!

Can we ever do it? Banks have become an inevitable part of our lives. But, Sunday Mail has some interesting perspectives on how the landscape is changing for banks. The take-out really is that banks have to find new ways of serving demanding customers and their competition seems to be not other banks!

With banking essential to everyone’s financial lives banks have taken advantage of their central position, steadily increasing fees on many basic services. But a growing number of financial service companies have begun to offer basic financial services to compete with the banks.

  • A small but growing number of conventional credit cards also come with features, such as EFTPOS, that allow them to serve as a cash substitute at some retail outlets. The credit union Rewarder card is one example of this.
  • And for online or internet buyers, a PayPal account can now be linked to a bank account, rather than a credit card.
  • Company-branded debit cards can make employers’ finances more efficient and give employees more flexibility of use. Read more

The game for banks, I guess,  is all about being more innovative and they need to find new ways of helping customers manage their finances. It’s no more about branches, ATMs, credit cards, line of credit, bank accounts etc. but serving customers in newer ways.

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