Who is an Overbanked?

published


Real-time transfer technologies have given rise to a new class of customers in the United States: we call them the Overbanked. The Overbanked are people with open accounts with three or more depository institutions.

Financially literate and technologically savvy, the Overbanked use sites like mint.com to get dashboard views of their accounts, and bankrate.com to shop for rates. They also mix-n-match offerings from various providers to create a customized, bespoke portfolio of financial services. An Overbanked will have a checking account with a larger institution for the convenience of ATMs or branch location; multiple accounts for savings with online banks offering high-yield, and an investment account with a brokerage like Charles Schwab, or fintech startup like SigFig or Acorns. The Overbanked are adept comparison shoppers who demand compelling incentives from financial institutions in exchange for their business. The Overbanked is a disruptive force in banking.


Who is an Overbanked?