New bank checking account fees set by Bank of America have lit an I’ll-dump-you fire among its customers, as they — myself included — question why they are paying for certain financial services. Though much of the consumer reaction could end up being mere rhetoric, new fees are certainly reviving a movement of consumers who doubt their bank’s value. And because of these concerns, some industry players argue that banks need to provide, or at least market, better and more meaningful services.

In fact, the notion of creating more value for banking consumers was at the heart of a conversation I had this week with Schwark Satyavolu, chief executive of Truaxis, which offers data-driven, personalized services for banks to offer consumers.

“There’s a frenzy to add more value to consumers to justify fees,” Satyavolu tells Bank Innovation. Banks are “desperately looking” to find ways that show they are pro-consumer, he adds.

Truaxis, formally known as BillShrink, offers FIs one way to do that. At its core, the vendor provides FIs services that reward their customers through their banking statements. By deploying its services, Satyavolu argues that a consumer will continue going steady with his bank because of the value gained from the relationship.

But even looking beyond improving retention rates, the notion of adding “value” is also key to driving usage of a newer service, like mobile banking, Satyavolu argues.

Consider Truaxis’s mobile app, for example. One feature of the mobile app is equipped to send consumers “geo-sweetened” deals. Say a consumer is strolling down a street and comes within 200 feet of a coffee shop. The proximity to the brick-and-mortar store may trigger a discount to his phone, and more importantly, a good reason for the consumer to use the mobile channel for financial reasons, Satyavolu explains.

Consumers “get qualified rewards they wouldn’t get if at home,” says Satyavolu, adding that the usage incentive may foster the web-inclined consumer to convert into a mobile banker. Other companies agree with Truaxis. Budding digital wallets are also counting on such mobile couponing functionality as future revenue generators.

To add value to the channel, he explains, is to “take advantage of mobile [technology] and render services that are impossible to deliver online.” In other words, adoption will be driven by giving consumers more reasons to use mobile banking at, say, a mall, than just to check an account balance.

Satyavolu cites mobile RDC as a service that should spark consumer conversion to the mobile channel. We share his view. Our most recent Bank Innovation Monitor data shows that mobile RDC is the No. 1 service consumers want, with 18% of respondents saying they would like the service from their FI. 

The feature “could be key to adoption to those straddling the fence,” he says. We agree. Banks, give us something we don’t have. We’ll commit.