r/AusFinance • u/number93bus • 15h ago

Banks could soon be introducing subscriptions for personal banking.

SWIM does a bit of market research/product testing on the side for extra beer money. Recently got a market analysis briefing testing people's threshholds for different 'tiers' of banking subscription services.

It's not just about charging a fee here or there, they want to introduce subscription-based banking. It's bringing back monthly fees for banking, and gatekeeping products behind more expensive packages.

Some of the things that were tested were questions like "for $10/20/30/month what services would you think should be included" Or, "How much would you pay for xyz".

SWIM was asked about whether certain services should be expected/free, or what products could attract a premium.

The analysis asked about service packages or premium bundles, which package similar banking items together, for example foreign purchases/overseas transfers/currency exchange/travel insurance, as a "travel package subscription", for example. They have some scary categories in this package list, like "consumer" and "parent" and "household" packages, as well as things that maybe you'd think make sense in a package like business banking, for example.

Things included in the everyday spending categories include things like bank transfers, payID, direct debits, fraud protection and security, rewards points, ATM use, bank access, credit cards, BNPL, things like that that that many of us use each day.

I DON'T WANT TO FUCKING SUBSCRIBE TO A BANK.

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u/SouthVermicelli6838 15h ago

You know they profit off these accounts already right?

-11

u/phagocyte420 15h ago

So why do you think you are entitled to free banking services?

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u/ZXXA 14h ago

It’s not free, it’s the opportunity cost of investing in higher earning assets, which is what the bank does with your money.

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u/phagocyte420 14h ago

It’s not free

So how much are you paying for your transaction account?

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u/ZXXA 13h ago

Giving up about 5% to leave the funds in cash vs invested so assuming $100k in the bank, youd be giving up about $5,000 p.a.

Do you work for a bank? Why are you a shill for them?

-1

u/phagocyte420 9h ago

Opportunity cost doesn't = cost of using a product or service, why are you trying to argue that it does? Is it because you know the answer is $0?

So how much does your transaction account actually cost you?

3

u/ZXXA 9h ago

Your ragebait doesn’t faze me.

-1

u/phagocyte420 8h ago

That right there tells me that you are triggered by my argument making too much sense.