Banks have been experimenting with subscription plans since the 1990s, but it's challengers that have brought them into the spotlight.
On our digital banking research platform FinTech Insights, 58% of the firms that offer subscription tiers are digital-only banks and fintechs. Only 35% are legacy banks. And, at around 7%, credit unions with subscription plans bring up the rear.
Of course, it's understandable that some firms, especially community-focused institutions like credit unions, may hesitate to introduce subscription-based plans for fear of excluding vulnerable customers.
But there are still compelling reasons to explore them. Done right, they can deliver more value and give consumers more reasons to stick around.