Banks are offering popular streaming service incentives to retain customers and drive deposits – but it will only be a winning strategy if done in tandem with digital banking improvements:
of US millennials now subscribe to at least one streaming video on demand service, with more than half taking at least two, per Parks Associates. Rewards like this could be critical in attracting younger customers in particular, who are more likely to shop around for the best value in a bank: 9% of consumers under 40 switched their primary bank accounts last year, more than double the rate for US consumers overall, which was 4%, according to J.D. Power.
Banks should continue to prioritize their mobile banking app features, while enhancing their checking account offerings. Banks should not only offer subscription incentives with their accounts, but also enable consumers to manage all of their digital subscriptions through their mobile banking apps. Such a feature is in demand but not commonly offered yet: 59% of mobile banking users who responded to Business Insider Intelligence's Mobile Banking Competitive Edge
said the ability to cancel subscription digital media services within their mobile banking app is"very" or"extremely" valuable, but none of the largest 20 US banks surveyed support the capability.pass to Business Insider Intelligence and gain immediate access to the Banking Briefing, plus more than 250 other expertly researched reports.
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