45% of US Consumers Want Banking Bundles

Consumers have a variety of reasons for obtaining credit cards from their primary banks or other issuers, 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

The top three reasons why banking customers obtain credit cards from their primary banks are that it was offered by their primary bank, the card has no annual fee and it has a rewards program. The share of consumers who agreed with those reasons are 60%, 47% and 42% respectively.

Those who obtain credit cards from financial institutions other than their primary banks say their top three reasons are that the rewards program on their bank’s card was not as good, their primary bank does not offer a credit card and they do not qualify for a credit card with their primary bank. Those reasons were cited by 31%, 16% and 14%, respectively, of consumers.

Forty-five percent of consumers would prefer to get all their banking products from the same financial institution, if they could.

Conversely, 29% of consumers prefer different financial institutions, while 26% do not have a preference.

The interest in consolidating accounts at one financial institution is strongest among the two youngest generations of consumers, with 55% of Generation Z consumers and 51% of millennials saying they want to bank solely with one bank.

Another group interested in doing so is consumers who use six or more products from their primary bank. Fifty-three percent of these consumers say they prefer having all spending accounts with the same financial institution.

A key consideration for consumers’ interest in bundled banking services seems to be simplicity.

Because banking today involves many options and products, several groups of consumers are seeking bundled banking services with convenient payment options and helpful recommendations.