When consumers look at their bank accounts there are many different factors that come into play. Numbers like, annual percentage rates, overdraft fees and minimum account balances may originally come to mind. The average checking account balance has risen to almost $10,000 as of this year and banking consumers are opening more accounts than ever. With the rise of Fintech banks like SoFi, Varo, and Monese, the benefits of banking are endless.
Now that a new type of banking customer has taken over, banks have become extremely competitive. With the neobanks acquiring upwards of $150 million in Series A venture capital rounds, the race to become a unicorn has never been more important. Customers who have been used to simpler benefits of no fee checking or overdraft protection are seeking the most benefits for the privilege of parking their cash. With the annual savings rate of 6%, customers are being offered APR’s that outperform the average as well as mobile banking. Banks aren’t stopping there as new offerings consist of money management services,budget trackers, easy outside transfers, accounting services, biometric identification,early direct deposit,cryptocurrency exchanges, and more. The competition is fierce and with millions of millennials searching for the perfect opportunity, at this point almost anything goes.
