In a recent consumer survey, SWACHA (a regional electronic payment non-profit) found that consumers who use direct deposit save more. This trend speaks to the power of convenience and how automatic processes can help financial institutions build more valuable relationships.
Another step on this ladder is offering consumers online tools to track transactions against their budget goals and monitor savings account growth. Bundled services will become increasingly important in the market as the industry figures out how to justify new fee structures and looks for ways to tie consumers more closely to their brand.
According to SWACHA’s 2011 Consumer Insights Survey, 31 percent who save with Direct Deposit are currently saving more than 25 of their paycheck, up from 14 percent reported in SWACHA’s inaugural survey in 2009.