Consumers would switch to bundled banking

Consumers’ desire for banking convenience has spurred their interest in bundle banking. In fact, many consumers are willing to quit banks that don’t offer bundled services, according to “Bundled Banking Products,” a PYMNTS and Amount collaboration based on a survey of 2,290 U.S. consumers.

Get the report: Bundled banking products

A bundled account is usually a single service offering from a bank that includes multiple offerings, such as a checking account, debit card, and/or credit card.

Currently, consumers are turning to their primary bank for traditional banking products.

The seven most common products that bank customers obtain from their main financial institutions are a current account, a debit card, a savings account, electronic transfers to their accounts with other financial institutions, a payment service from invoices, electronic transfers to customers of other financial institutions and credit cards. map.

bundled banking services

While consumers use multiple products from their primary bank, nearly one in four use credit cards from another issuing bank.

Along with credit cards, some of the most common products bank customers obtain from financial institutions that are not their primary banks are car loans and mortgages.

graph, interest in group banking

Wanting to improve convenience and have a range of payment options, many consumers would consider going elsewhere for bundled banking products.

In fact, 42% of consumers would be willing to switch financial institutions if their primary financial institution did not offer bundled banking products.

This share includes 23% of consumers who would be very or extremely likely to switch banks, and 19% of consumers who would be somewhat likely to switch.

graph, consumers likely to switch banks

Data from PYMNTS clearly shows that consumers are willing to seek out banks offering innovative and flexible bundles with convenient payment options and helpful recommendations.

Banks that openly offer these types of conveniences can appeal to consumers in the long run.

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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS HAVING HIGH DEMAND FOR SUPER APPS

About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

About Wanda Reilly

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