While savings are core to banking, few traditional banks encourage micro-savings. According to a report by EY; adding low-value and goal-based savings products can instil a savings habit which will prove beneficial for payment banks. Aside from micro-savings, the report highlights zero probable models as alternative revenue streams for payments banks, including providing an alternative mode of credit assessment and the cross-selling of financial services to their user base.
While savings are core to banking, few traditional banks encourage micro-savings. According to a report by EY; adding low-value and goal-based savings products can instil a savings habit which will prove beneficial for payment banks. Aside from micro-savings, the report highlights five probable models as alternative revenue streams for payments banks, including providing an alternative mode of credit assessment and the cross-selling of financial services to their user base.