Households face the end of free banking if the low-growth, low-interest rate environment persists, according to the International Monetary Fund.
The IMF said weak growth combined with ageing populations meant financial institutions around the world would be forced to overhaul their business models to adapt to a new normal.
Demographic change was likely to reduce demand for credit from households and businesses but increase the need for easy-access accounts, payments services and products such as health insurance.
"Consequently, in this scenario, domestic banking in advanced economies may generally evolve toward provision of fee-based and utility services," the IMF said. ...
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