Drop me a message when I can build my bank account

Written by on August 20, 2014 in BillingViews, Guest Blog with 0 Comments

I was thinking the other day about where retail banking should go next. However hard you look for the account package that suits your needs, you end up choosing accounts that have been designed by people who think they understand your needs – but of course do not.

So why don’t banks let you build your own account package? You choose the features you want and see what the monthly cost is. You flex the features to find the right balance between features and cost. And of course you do all this via the bank’s mobile app.

Of course the reason why banks don’t let you choose is that they can’t – their systems stack wouldn’t support it. Plus they don’t want to give customers choice that would erode margins. However, being able to download a bank’s app, select the type of account, select the features you want and see what it would cost would be marvellous. What interest rate do I want? What card features?

What the banks are missing here is that a self selected banking package would build huge loyalty. Why go elsewhere when you’ve got your ideal package? If your needs change, just tweak the package.

Whoever gives customers the power to build their own bank account will be on to a winner – and that’s my challenge to the retail banks.

Drop me a message when I can build my account …

You can follow Jonathan on Twitter @sevendotzero

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About the Author

About the Author: Jonathan has been working in payments for 18 years covering digital money, identity verification, telco billing, finance systems and consumer payment services; in both startup and corporate environments. Most recently, his experience is in developing alternative consumer payment models. "I'm passionate about removing the friction and frustration from payments. The convergence of payments and mobile technology and its impact on consumers fascinates me." You can follow Jonathan on Twitter at @sevendotzero .


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