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Choice and optionality are wonderful, but in some cases, consumers prefer dealing with one financial institution FI for more of their needs in order to simplify account management.For the study Bundled Banking Products: How Credit Cards Secure Customer Loyalty, a PYMNTS and Amount collaboration, nearly 2,300 U.S. consumers shared information about their interest in bundled banking products. The study found such products deepen relationships and positively impact experiences. Consumers turning to financial products and services are often seeking convenience and help managing their finances 鈥?a reality that may explain why so many banks say it is crucial to bundl
stanley termosky e consumer products and services into packages that appeal to customers, the study stated.Fifty-seven percent of consumers with
stanley termos at least one credit card with their primary banks say bundled solutions are easier and more convenient.PYMNTS research found that consumers with credit cards from their primary banks tend to be more interested in keeping all their accounts at one FI for the convenience and added value that these relationships deliver to consumers facing the paradox of choice.Per the study, consumers interest in bundled banking solutions is often tied to the features they believe are available as part of the bundles: 57% of consumers who have at least one credit card with their primary banks say bundled solutions are
stanley ca easier and more convenient for them to use than other banking options, while 55% of con Yaia New CEO Seeks Client Stickiness From Shift In Global Cash Access Sales Strategy
When interest rates rise in mid-2015, the credit-card business will likely see more subprime cardholders, higher credit losses for card issuers and greater reliance on customers who use their cards to borrow, not just earn rewards, American Banker reported.For the last half-decade, credit-card profits have relied on high repayment rates, cheap funding and surging revenue from swipe fees, leading to 5.2 percent return-on-assets for large card issuers in 2013. But higher rates mean it will be costlier to float short-term, interest-free
stanley termos loans to customers who pay off their bills each month. That will shift profitability to customers who run a balance from month to month, analysts said.The CEOs of both Capital One and American Express said at an industry conference in December that they expect growth to shift to interest charges on their cards. That has already begu
stanley cup n to happen: Revolving consumer credit in the U.S. grew by 1.8 percent Q1 of 2014, 6.3 percent in Q2 and 3 percent in Q3, according to data from the Federal Reserve Board.But that also means higher chargeoff losses. In November, the net chargeoff rate rose at each of the six biggest credit-card issuers: Amex, Bank of America, Citigroup, Capital One, Discover and JPMorgan Chase.Issuers also face recent regulatory changes that restrict some fees and prohibit repricing of existing consumer debt, making it harder to get money back
stanley website when accounts become delinquent. Young adults who have been burned by bad credit-card experie
