Big banks are losing money on the average consumer, who gets turned off by unexpected fees and penalties. The customer acquisition costs of running a bank are so high that it is difficult for any bank to be profitable on the average bank account.
So it’s no surprise that they’re losing to digital wallets that are easily scalable and only charge only for what you use, with no physical branches or ATMs.
How can traditional banks compete with this disruption from Fintech? Find out more on our Youtube channel at Ticker Symbol: YOU.