SARON: What does the abolition of LIBOR mean?

At the end of 2021, SARON will replace LIBOR as the reference interest rate for money market mortgages. This means that banks will have to convert all their existing LIBOR mortgages by no later than then. Many banks could use this transition as an opportunity to increase their margins. Some are suggesting that their customers switch to fixed-rate mortgages so they can earn more than with money market mortgages.