A new Accenture study, The Digital Disruption in Banking, documents the continuing “leaky revenue bucket” of
checking accounts losing revenue to non-bank alternatives. They report that 71% of consumers see their
banking as transactional, or "payments" based..
As a result, providers like PayPal or Retail de-coupled debit cards can be
preferred for a payment while settling to the bank account as debit ACH to the bank, generating
essentially no revenue.
The study notes such payment
transaction alternatives offer a greater range of payment services to consumers, and that
banks should “extend the (payments) ecosystem” with such a greater range of
services.
PaySound® Checking Plan provides the perfect online and digital extension
with its no overdraft fees ever, liquidity options and enhanced security for
online shopping.
Accenture Recommendations
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