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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

St George Follows On Scrapping Overdraft Fee

03 August 2009  |  3012 views  |  0

$40 was pretty steep.

I do point out that it could be a good strategy. After all we know that the non-bank competitors are lining up superior services and banks need to try and hang on to their customers.

The overdraft issue is one which money transfer and non-banks alone may not easily compete with. They can't offer an overdraft. At a $40 fee they could easily have offered loan shark payday rates and won customers from banks.

Some non-bank financial services providers will no doubt have the answer, but the OZ banks get a tick for thinking of it, unless of course it is for some other reason completely and they haven't realised the extra potential benefit.

Will the Brits follow. Of course but who first?

TagsRetail banking

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