Three ways financial services are taking inspiration from the subscriptions world

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Three methods are given on how subscription-based models are influencing banks:


I can sometimes be unfamiliar with the vernacular used in banking, but when I have a subscription attached to most things, that I understand. Hearing about banks remarketing “fees” as “subscriptions,” and reconfiguring inconsistent account types into tiers, won’t be enough to garner the solution I’m looking for, but it does confirm the need for clarity among bank’s complexities.

I had done some research into mega-platforms unrelated to banking, but this article provides some context of how banks could turn into these one-stop-shops. Specifically, some banks offer small business owners subscription-based services where they can create, send, track and store invoices. Could advanced Ai be leveraged to personalize these subscriptions to each customer? Could it promote new hobbies to amplify selfgrowth or enable connections between people? Would people feel safe fostering a community through banking?

This is an opportunity to monetize and differentiate offerings, balancing both business and user needs.


References

Sofiykov, S., & Adelman, G. (n.d.). Three ways financial services are taking inspiration. FT Strategies. https://www.ftstrategies.com/en-gb/insights/three-ways-financial-services-are-taking-inspiration-from-the-subscriptions-world/