Banks expand offerings to compete with fintech companies
FOSTER CITY, Calif., July 21, 2021 /PRNewswire/ -- The chief research analyst for MyBankTracker.com today releases his analysis on the banking trends and product offerings consumers can expect to see for the rest of 2021. Simon Zhen and his team track thousands of banks and consumer products each month for the leading personal finance site. As the country returns to a more normal setting, the banking industry is continuing to adapt. Zhen explains what consumers should anticipate in his new analysis: "Banking Predictions for 2021: New Branches, Travel Comes Back, Overcrowded Market:"
Non-bank financial providers crowd the market - Earlier in the year, non-bank financial companies entered the financial product market and banks responded. Traditional banks are expanding their offerings to compete as a one-stop shop for consumers. While they traditionally offer options like personal investing, savings accounts, CDs, and personal loans, some are offering new products like robo-advisory services. Time will tell whether small startups or mammoth banks win this race, but expect to see this competition slow down in 2022.
Travel credit cards ramp up welcome bonuses - Issuers won't retreat from offering attractive bonuses to open up a premium travel credit card account. This trend will likely last through at least summer 2022. Competitors appear to be trying to one-up each other to entice new applicants after many consumers canceled or downgraded premium travel cards.
"These are some of the biggest bonus offers I've ever seen in the industry," remarks Zhen. "Travel credit cards are trying to appeal to Americans who are itching to vacation again. While I believe these new offers can play in both the applicants' and companies' favor, I do think we'll see them start to taper off in about a year."
Customers return to bank branches - The country continues to open up and consumers are finding a revamped branch-banking landscape as they return to their new normal. Many Americans are beginning to return to bank branches with no major complaints, but realize they no longer need to. It appears traditional banks took to heart that their clients want better customer service. Nonetheless, online banking is here to stay for the long haul since millions were forced to adapt during the pandemic.
Zhen is available to comment on his predictions, how consumers can choose the right bank and/or product offering and consumer banking in general.
MyBankTracker is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. MyBankTracker is a member of QuinStreet's expert research and publishing division.
MyBankTracker is an independent comparison website helping consumers make smart banking and financial decisions. The mission is to match consumers to their perfect bank by providing and tracking in-depth information on more than 5,000 banks, credit unions and financial products. Using a combination of technology and money management expertise, MyBankTracker provides personal finance comparison tools and educates consumers to optimize their relationships with banks and lenders.
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