Based on the consumer point of view, the clearer and more transparent operations is the more customers will feel it. The beauty of Change Bank is that a lot of administration fees and unseen charges set by the bank will be cut to a fraction. Have you ever remitted currency overseas and suffer the poor exchange rates offered by the banks? On top of that the heavy remittance fees and unknown administrative charges? Have you wondered where does all these costs go to? Centralized banking services load all of us with heavy transaction costs and we seldom know where does these costs goes to.
However most of us are resigned to our fate and accept these costs as part of daily life. Most of us will not bother and just pay what the bank is requesting as we have no choice unless we buy a ticket and fly overseas to get that money physically across. Banks have infrastructure, tellers, vaults, all of which adds on to the costs. Do not forget the high salaries of the managements. These costs will be levied on the services they provide like transfers, investments, fixed deposit openings, etc. With Change bank, all these will be brought to the minimal. We do not need a front office with tellers, everything is automated. We do not need nicely dressed customer relationship officers to sell you investments and show you where to put your money for the highest growth. As a child of the new world, we are independent and are able to help ourselves if tools are provided. We can do it on our own and do not need services that charge heavy costs. You can research and decide what to invest on in the Change marketplace and pay a fraction of the costs that centralized banks are charging us now.