THE FUTURE OF FEE BASED BANKING INCOME

The Future of Fee Based Banking Income

- This VRL report examines the growth of fee-based products as an alternative source of revenue for banks
- It looks at the consequences of controversies over fee-based income schemes like Payment Protection Insurance
- It considers how any banks introducing new fee-based strategies must be careful to consider customer protection and adhere to new regulation rules
- It looks at the difficulty in persuading European consumers to switch from ‘free’ banking.

Summary

This report examines the market for fee-based retail banking products and services in the US, UK and Europe. Fee-based income is the revenue that banks earn from sources such as monthly account fees, and fees for late credit card payments or unauthorised overdrafts. Retail and commercial banking makes a significant contribution towards the overall income of some of the world’s biggest banks in comparison with investment banking activity, and the contribution of the former looks set to continue in 2012. The other main source of income earned by retail banks is from interest payments on products like personal loans and credit cards. Both supply and demand for these types of products are in decline. The number of credit cards in circulation fell by nearly one million in 2011 y-o-y due to reduced demand for the product on the behalf of consumers, and reduced supply due to the tighter lending criteria. The decline in unsecured lending will reduce the amount of interest income earned, and this is likely to lead to a continued increase in lending interest rates, regardless of the level of the UK base rate.

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