Younger Consumers seek the convenience of Bundled Banking

July 15, 2022

In a world of disintermediated financial products, consumers still show a strong propensity for one banking relationship that brings it all together and many will switch to get that.

For “Bundled Banking Products: Matching Product Offerings With Customer Demand,” a PYMNTS and Amount collaboration, we surveyed nearly 2,300 U.S. consumers about their interest in bundled banking products, and the reasons some are moving elsewhere for better bundling.

“Bundled accounts are usually a single service offering from a bank that include multiple offerings, such as a checking account, debit card and/or a credit card,” the study states. “These accounts are often popular with customers because of their convenience and can help solidify a bank’s relationships with its depositors and borrowers.”

Convenience is currency to many consumers today. The digital shift has habituated billions of consumers to the ease and anywhere contextuality of digital banking, and many now want this wealth of digital financial services delivered by a single trusted financial institution (FI).

“Four out of 10 consumers say it would be easier and more convenient for them to manage their banking accounts if they were bundled with a single FI instead of distributed among several banks. Ease and convenience typically lead among factors that affect consumers’ banking preferences. Overall, 71% of consumers interested in having their accounts managed by a single FI say bundling would make it easier and more convenient to manage their accounts,” the study states.