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Paycheck-to-paycheck consumers drive bundled banking
July 19, 2022
It may be the paycheck-to-paycheck consumers who wind up at the vanguard as the Connected Economy takes shape, with bundled banking highly valued and sought after.
The report “Bundled Banking Products: Matching Product Offerings With Customer Demand,” done in collaboration between PYMNTS and Amount, shows that consumers across all demographics and range of tech-savviness, want banks to provide a connected, holistic view of their daily finances.
As the data show, across nearly 3,000 respondents nearly half of consumers prefer having all their accounts with one bank and 71% of those who want a single provider cite the ease and convenience of bundling accounts as what drives this preference.
The preference cuts across pretty much all income levels and the higher up the income ladder, the more products are on hand being utilized by consumers. The more service/products being used, the more consumers want to see those offerings “bundled” within the bank. Forty-one percent of consumers earning more than $100,000 annually have six or more products at their primary banks. But PYMNTS data shows that 38% of consumers with one to three banking products also want everything bundled at their primary banks.
Thus, there’s a wide familiarity with some real greenfield opportunity in the mix with what banks can do for their individual clients.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
