Almost everything these days comes with some form of subscription. It鈥檚 become a part of everyday life, from paying for shows you stream or groceries being delivered to your door. And now, this 鈥減ay-as-you-go鈥� structure is even being implemented in one of the oldest industries out there, which is banking.
Anyone with a bank account, whether it鈥檚 personal or for a business, will know that it usually comes with hidden fees or pricey transaction costs. However, subscription-based banking will work a little differently.
Business bank accounts to consider include:
With this model, individuals and businesses can either pay a monthly or yearly fee to receive financial services. These are, first and foremost, transparent as well as bundled for customers to get the most out of it. Small-to-medium-size enterprises (SMEs) can benefit from it in particular, as it promotes fairer and more transparent costs.
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How Does Subscription-Based Banking Differ From The Norm?
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Typically, banks used a fee-per-transaction model whereas subscription-based uses a flat, recurring fee. So instead of a customer being charged for individual transfers or withdrawals, they will pay one fee that covers all of their banking needs.
It usually includes a set number of free transactions or payments per month and priority customer support. Depending on the bank, you could also get access to more advanced tools like integrated accounting and business support to assist with managing your cash flow.
In short, it鈥檚 a simple way of banking where you know exactly what you鈥檙e paying for.
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| Company | Monthly Fee | Other Requirements | Claim offer |
|---|---|---|---|
 | Trusted by more听 than 50,000 companies 3 Month Free Trial | 3 Month Free Trial and managed through an easy to use mobile app. | |
 | 1 Month Free then 拢14.90 + VAT per month (or 拢149 per year) | 10 minute sign up, accounting functions and easy to use invoicing tools to get invoices paid faster |
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Why Is This Model Becoming More Popular?
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The shift to subscription-based banking is already happening and there are a couple of factors that have played a role in it. From the explosive growth of FinTech companies to customers wanting personalisation, it鈥檚 something that banks can no longer ignore.
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Competition From FinTech Startups
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Digital-first platforms, such as Revolut and Monzo, have proven that customers value convenience and predictability above all else. And to meet those needs, they鈥檙e using a combination of technology and data to create the ultimate user experience.
As a result, traditional banks are being forced to rethink their business models. If not, they鈥檒l get left behind in the digital age.
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The Desire For Personalisation
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A one-size-fits-all package just doesn鈥檛 suit the modern customer anymore. Freelancers, corporates and those in-between want features that actually suit their needs.
Fortunately with a subscription-based model, banks can offer more tailored packages since the subscriptions are tiered.
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Customers Are Tired Of Hidden Fees
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Unpredictable costs are incredibly frustrating since they鈥檙e not budgeted for and can completely throw out your cash flow. With traditional banking comes overdraft penalties and maintenance charges, which make financial planning that much harder.
Yet, subscription banking gives you the cost certainty and you can budget better knowing you won鈥檛 be in for any surprises at the end of the month.
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The Benefits For Businesses
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Businesses, irrespective of their size, stand to benefit the most from this type of banking. Aside from more predictable financial planning, it gives them more control over their finances in addition to some extra perks.
The banking experience is simplified: Most of the subscription-based platforms offer easy automations and integrations with user-friendly interfaces. That means less complications and errors while freeing up time.
Access to premium features: The higher your subscription is, the more you can get from it. This can range from priority customer service to financial insights which you previously couldn鈥檛 get.
Improved relationships with banks: With subscription banking comes more trust. When there are no hidden fees or penalties, you can build a transparent relationship with your bank for the long-term.
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The Challenges Facing Subscription-Based Banking
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Naturally, the subscription-based model may not be ideal for every business out there. If your business doesn鈥檛 regularly make use of banking services, you could find that you are actually paying more as opposed to using the traditional model.
It鈥檚 also not as flexible as some customers would want it to be. For example, some packages could have features that you don鈥檛 really need but since you can鈥檛 opt out of it, you鈥檙e paying for them anyway.
The concept is also relatively new which could cause some hesitation among banks and users alike. The regulations around this model are not yet clearly defined in some regions which may cause customers to put it on hold for now.
Despite these hurdles, it鈥檚 very possible that banks will add more flexibility to their packages with hybrid pricing and regulations will become clearer.
