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Pressured By Negative Rates, European Banks Are Bludgeoning Customers With New Fees

British expat business owner Michael Soffe said that in Spain: “Bank charges have risen quite substantially. And they all want you to have insurance with the banks.”

The cost increases have began to shift business to banks who work digitally. Their lower cost structures allow them thinner margins, which means less fees for customers.

Joe Fielding at Bain & Co. in New York said: “Whenever there is a negative customer experience in a traditional bank, it opens the door for someone to come along and do it better. Better in today’s terms is inevitably digital.”