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Get rewarded for good behaviour

Banks and insurers are beginning to reward customers who show exemplary conduct with lower prices and penalise those who behave poorly by imposing higher costs

Sanjay Kumar Singh 

So far, pricing of financial products has been standardised with all customers paying the same price. But all customers are not the same. Better-quality customers make fewer claims from insurance companies. For banks, such customers mean lower loan default rates. Now, with the growing use of credit scores, the ubiquity of mobile phones and the advent of mobile-based apps and fitness tracking wearables, companies are willing to track the activities of individual customers and charge less from the better ones. We evaluate a few such offerings. Good borrowers get best rates From April 1 ...

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