Boston, MA -- (SBWIRE) -- 06/25/2012 -- It is not just the aftermath of the global financial crisis that is applying pressure to the balance sheets of the world's retail banks. Increasing public anger against what are perceived as punitive penalty charges has seen the UK industry regulator take a test case to the UK Supreme Court, while the US legislature has passed laws that require banks to obtain customers' permission in order to take part in overdraft protection programmes, which will blow a massive hole in the $35 billion the banks earn from such programmes. In the past, banks have been able to depend on the 'loyalty' of customers who felt that switching a bank account was a prohibitively complicated and time consuming process. However, the proliferation of comparison and switching websites in countries such as the UK means consumers can not only compare offerings from different banks, but also move their account to a new provider relatively easily.

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Key Highlights

- Banks can no longer rely on customer apathy to minimise account churn
- The proliferation of comparison websites and switching services makes it much easier for consumers to switch accounts
- For the banks it means they will increasingly incentivise customers to keep their accounts in their existing banks
- Even in countries where 'free' accounts are the norm, customers ought to be thinking about what they forgo in interest income or what they are paying out in overdraft fees

Scope

- Historically US and UK bank account holders have enjoyed free banking. This report suggests what might change to alter the balance in the banks favour
- Bundled accounts provide customers with additional services like car breakdown insurance, travel insurance and credit card protection for a fee
- Banks are looking at allowing customers to choose the features they want from a list of benefits
- The UK and US markets differ significantly - the UK banks bundle additional services, while US banks reward customers proportionally to the amount of business the customers provide
- The UK, US and South African markets are examined, including interviews with Citibank, Lloyds and Nedbank

Reasons to Get this Report

- Find out how banks across the world have introduced packaged accounts
- Compare the accounts currently on offer
- Assess the likely future prospects for the market
- Put the packaged accounts market in context

Companies Mentioned in this Report: Lloyds, Santander, Citibank, Barclays, Natwest, HSBC, Wells Fargo, Bank of America, Bank of Montreal, Commonwealth Bank of Australia

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