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Paycheck-to-Paycheck Consumers Drive Bundled Banking, Connected Economy

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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.

Wide Familiarity

Thus, there’s a wide familiarity — […]

Click here to view original web page at www.pymnts.com

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