On this week’s episode of News & Views, The Fintech Times Podcast team speak about NatWest planning to shut down their BNPL offering, Mastercard launching smart subscriptions and the view of customer service within banking.
After two weeks of absence from Polly and Francis respectively, the Podcast team are all reunited in this week’s episode. The trio start their discussion by exploring what is keeping them at their current banks or what would make them want to swap. One big factor making them want to try a new financial institution is incentives. Polly, Tom and Francis agree that while interest rates and good customer service are important, good incentives are the best way to captivate new consumers.
The next topic of conversation revolves around BNPL and why some institutions are removing their credit alternative offering. The podcast team establish that some incumbents don’t feel like they belong in the space due to fintechs perfecting the service too well. Another thought was that firms may not want to associate themselves with the negative press that BNPL often receives (justified or not).
The trio end their conversation by discussing subscriptions. Tom notes that subscription services are offering less and less for what you pay for and as such, have resulted in a big decline in consumer popularity.
Listen to News & Views Podcast on your favourite platform:
Read the articles discussed in this episode:
Customer Service ‘Still King’ as 40% of UK Consumers Stay With Bank Despite Switching Incentives
Mastercard Launches Smart Subscriptions for Open Banking-Powered Subscription Management
NatWest ‘Plans’ to Shut Down BNPL Offering; Why Are So Many Firms Taking a Step Back From BNPL?
