The banking industry has experienced significant developments in facing challenges, especially in increasingly fierce competition. Consumer preferences have changed along with technological advances that prioritize convenience and the best service. Providing innovative product and service offerings, such as providing digital banking to attractive bundling programs are efforts made to meet consumer needs. There are 5 BUMN Banks listed according to the Indonesia Stock Exchange (IDX), namely Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), Bank Mandiri, Bank Syariah Indonesia (BSI) and Bank Tabungan Negara (BTN), (Kadirisman, 2021).

Bank BTN is one of the state-owned banks which according to its official website https://www.btn.co.id/ conveys its missions and among them are "Actively supporting the government in advancing the welfare of the Indonesian people through home ownership and realizing the life that millions of Indonesians dream of through the provision of decent homes". Bank BTN's efforts in realizing its mission in providing decent housing include providing commercial and consumer credit facilities. Commercial credit itself is credit given to companies, whether incorporated or not incorporated, whose use is given for business financing while consumer credit is credit given to individuals who are used for consumption needs, (Putri et al., 2021).

Bank BTN needs to improve its strategy so that in the consumer segment, the increase in credit can be followed by an increase in fund raising so that Bank BTN can maintain its liquidity. The strategy used by the Bank to be able to market its products in an effort to raise funds or distribute credit must be followed by efforts to be able to provide satisfaction to customers in order to retain existing customers or debtors to continue to intend to use products from the same Bank, as well as acquire new customers or debtors, (Budianto et al., 2023). One of them is Bundling, which is a strategic competitive tool, namely the sale of two or more products or services in one package (Bharmawan & Hanif, 2022) .

Product bundling is a marketing strategy in which several products are sold as a package at a more attractive price than if purchased separately. This strategy can increase continuance intention or customers' ongoing intention to continue buying products from a brand or store because it provides added value, convenience, and a more efficient shopping experience, (Pamungkas & Suparna, 2024). However, the impact of product bundling on continuance intention can be influenced by the level of customer satisfaction as a mediating variable. If customers are satisfied with the combination of products offered both in terms of price, quality, and benefits obtained, it is likely that consumers will continue to make purchases in the future. Conversely, if satisfaction is low, the effectiveness of bundling in retaining customers will decrease, and it can even have a negative impact on customer loyalty, (Khotimah, 2021). The implementation of product bundling between credit and funding at Bank BTN began in 2023. The following presents the results of a pre-survey of product bundling variables on 30 KPR debtors of Bank BTN CBC Medan, for the latest contract period from 2023 to 2024.

Table 1. Pre-Survey Results of Product bundling Variables on 30 KPR Debtors of BTN CBC Bank Medan

Based on Table 1, the results of the pre-survey of KPR Debtors of Bank BTN CBC Medan show that 56.7% of respondents disagree with the statement regarding the willingness to open a savings account at Bank BTN and activate mbangking during the KPR application process. This indicates that there is a mismatch between the product bundling policy implemented by the bank and the preferences or needs of the debtor. One of the factors contributing to this low approval rate is that debtors feel that there are other obligations beyond the needs of prospective debtors, namely mortgages bundled with savings and mobile banking activation. Although the purpose of this policy is to improve debtor experience and expand the use of BTN banking services, many debtors feel that the account opening is only intended as a means of paying mortgage installments, not as the main account for debtor financial activities.

Apart from product bundling, Perceived value is one of the factors that influence continuance intention. Perceived value is the customer's perception of the benefits obtained compared to the sacrifices incurred when using a product

or service, (Mahfudzi, 2022). When customers feel that the value consumers receive is greater than the cost or effort spent, consumers tend to have the intention to continue using the product or service (continuance intention). However, this relationship can be influenced by the level of customer satisfaction as a mediating variable. If customers are satisfied, the effect of perceived value on continuance intention will be stronger, because satisfaction reinforces the belief that the product or service is worth using again. Conversely, if satisfaction is low, even though customers see value in the product, consumers may still look for other alternatives, (Harfian & Jadmiko, 2024). Research (Silva et al., 2022) states that customer perceived value has a positive and significant effect on guest loyalty, guest satisfaction has a positive and significant effect on guest loyalty, and guest satisfaction fully mediates the relationship between customer perceived value and loyalty. The following are the results of the pre-survey questionnaire distributed to 30 respondents, namely KPR debtors of Bank BTN CBC Medan related to the perceived value variable can be seen in Table 2 below.

Table 2. Pre-Survey Results of Perceived value Variables on 30 KPR Debtors of BTN CBC Medan.

Based on Table 2, the phenomenon that arises related to the perceived value variable from the answers of respondents of BTN CBC Medan mortgage debtors shows that respondents do not agree with the advantages of BTN mobile banking. Based on the results of the pre-survey questionnaire, 53.3% of respondents disagreed with the statement "BTN mobile banking has the advantage of a better financial menu than other banks". This indicates that most debtors still think that BTN's savings and mobile banking products are not good enough compared to other banks. This is due to dissatisfaction related to several factors, such as limited features, less user-friendly application display, or technical problems that interfere with the user experience. In this case, Bank BTN needs to further evaluate the mobile banking service and make improvements in order to increase the perceived value. These improvements will be very important to increase customer and debtor loyalty and satisfaction, and strengthen the bank's image as an institution that is responsive to the needs and desires of its customers and debtors.

Customer satisfaction is the result of evaluating the consumer's experience of a product or service that matches or exceeds consumer expectations. In this context, product bundling, a strategy of combining several products in one offer can increase customer satisfaction by providing added value, convenience, and a more economical price than separate purchases, (Utama & Adab, 2023). Meanwhile, perceived value, which is the customer's perception of the benefits received compared to the costs incurred, also plays an important role in determining the level of customer satisfaction. When customers feel they are getting better value, consumers tend to be more satisfied and have the intention to continue using the product or service (continuance intention). In other words, the combination of effective product bundling and increased perceived value can strengthen customer satisfaction and encourage long-term loyalty, (Pata, 2024).

Emotional satisfaction is the accumulated experience of happiness, joy and pleasure, Satisfaction is directly related to the intention for continuous use (Ghorbanzadeh, 2021). Customers' positive feelings about goods or services purchased or used from a company or organization are called customer satisfaction (Adhari, 2021).

Table 3. Results of Pre-Survey of Customer Satisfaction Variables 30 Mortgage Debtors of BTN CBC Bank Medan

Based on Table 3, the phenomenon of problems related to customer satisfaction at Bank BTN CBC Medan can be seen in the results of the pre-survey questionnaire which shows that 53.3% of respondents do not agree with the statement "The bundling products offered have clear benefits for me." This reflects the dissatisfaction of most mortgage debtors with bundling products that only include mobile banking activation and new account creation as a condition for taking out a mortgage loan. Bundling products that are limited to this one option may not meet consumers' needs or expectations, as many borrowers feel that mobile banking activation does not provide significant benefits or direct relevance to consumer home financing. The existence of too narrow or irrelevant bundled products may lower customers' perception of the value offered by the bank.

Continuance intention, or continuance intention, refers to the tendency of customers to continue using or buying products and services from a brand or company. In this context, product bundling marketing strategies that combine several products into one package at a more attractive price can increase continuance intention by providing added value to customers, (Pamungkas & Suparna, 2024). When customers feel that product bundling offers greater price

savings, convenience, or benefits than buying separately, consumers will be more likely to maintain a relationship with the brand. In addition, perceived value, or the value that customers feel towards a product or service based on the benefits obtained compared to the costs incurred, also plays an important role. If customers feel that consumers get more benefits than the price consumers pay, then consumers are more likely to continue using or buying products from that brand, (Sutrisna et al., 2024). The following are the results of the pre-survey questionnaire distributed to 30 respondents, namely the KPR debtors of Bank BTN CBC Medan regarding the continuance intention variable, which can be seen in the following:

Table 4. Pre-Survey Results of Continuance Intention Variable 30 Mortgage Debtors Bank BTN CBC Medan

The phenomenon of problems related to the continuance intention variable on the respondents of KPR Debtor Bank BTN CBC Medan can be seen from the results of the pre-survey questionnaire which shows that 56.7% of respondents disagree with the statement: "After obtaining a mortgage and activating mobile banking, I plan to increase the balance and use of service features on savings at BTN." This indicates that there is a lack of interest or discomfort from debtors in continuing to use Bank BTN products and services after obtaining a mortgage facility and activating mobile banking. One of the factors that may influence this

is the problem in the concept of product bundling, where product offerings such as mortgages and mobile banking may not be attractive enough or provide the added value expected by debtors. When the bundled product does not meet the needs or expectations of the debtor, the continuance intention to continue using the product or service is low.

Based on the description above, the researchers are interested in conducting further research on "The Effect of Product bundling and Perceived value on Continuance Intention through Satisfaction of Non-Subsidized KPR Debtors at Bank BTN Medan Branch Office".

This type of research is quantitative. The population in this study were all Non-Subsidized KPR debtors who signed from May 2023 to December 2024 and actively used BTN mobile banking, totaling 417 people. The sampling technique used the Slovin formula with purposive sampling method, so that 81 respondents were obtained. Data collection techniques were carried out through distributing questionnaires. The analytical tool used is Structural Equation Modeling (SEM) with the Partial Least Square (PLS) approach.

In Partial Least Squares Structural Equation Modeling (PLS-SEM) based research, the loading factor value that is considered to meet the convergent validity criteria is ≥ 0.70. The results of loading factor measurements in this research model can be seen in the PLS model presented in the following table.

Table 5. Outer Loading Factors Test Results

Based on Table 4.6, it is obtained that each indicator of the research variable has many outer loading values> 0.7. All indicators have a high loading factor value, where for the Product bundling construct the loading value ranges from 0.946 to 0.979, the Perceived value construct has a loading factor between 0.813 to 0.920, the Debtor Decision construct with a loading factor between 0.832 to 0.914, and the Continuance Intention construct with a loading factor between 0.857 to 0.919. Based on Ghozali (2018), the outer loading value of around 0.6 -

0.7 has been considered sufficient for convergent validity criteria. This data shows that indicators are said to be feasible or valid to be applied in research and utilized for further analysis.

Table 6. Construct Validity and Reliability Test Results

Based on the results of reliability testing and construct validity in the table above, all research variables show Cronbach's Alpha, rho_A, and Composite Reliability values above 0.70, which indicates that the instruments used have high reliability and excellent internal consistency. In addition, the Average Variance Extracted (AVE) value of all variables is also above 0.50, which means that each construct has sufficient convergent validity, and is able to explain more than 50% of the variance of its indicators. Thus, it can be concluded that the measurement instruments used in this study have met the statistical validity and reliability requirements.

The direct effect hypothesis is a presumptive statement that explains the causal relationship between two variables without going through intermediary variables (mediation). In the context of this study, the direct hypothesis shows the direct effect that occurs from the independent variable on the dependent variable based on the results of the statistical analysis that has been carried out. The test of the direct hypothesis is carried out to determine whether an independent variable significantly affects the dependent variable without the intervention of other variables, as can be seen in Table 7 below:

Based on the results of the direct effect analysis in the context of the research "The Effect of Product bundling and Perceived value on Continuance Intention through Non-Subsidized KPR Debtor Satisfaction at Bank BTN Medan Branch Office":

Non-subsidized mortgage debtor satisfaction has a positive and significant influence on sustainable intentions with a contribution of 41.7%.

Perceived value makes a direct contribution of 39.7% to debtors' continuance intention.

Perceived value has the strongest influence in the model with a 41.8% contribution to debtor satisfaction.

The product bundling strategy only contributes 14.4% and is not significant to sustainability intention.

Product bundling has the weakest influence with a contribution of only 4.1% and is not significant to debtor satisfaction.

Furthermore, indirect testing is carried out, namely testing whether debtor satisfaction (Z) is significant in mediating the effect of product bundling (X₁) and perceived value (X₂) on continuance intention (Y).

The results of testing the indirect effect show the mediating ability of Debtor Satisfaction in the relationship between the independent variables and

Continuance Intention on Non-Subsidized KPR Debtors at Bank BTN Medan Branch Office:

= 0.025)

Debtor satisfaction is proven to play a significant mediating role in the relationship between Perceived Value and Continuance Intention with an indirect contribution of 17.4%.

p = 0.730)

In contrast, the mediation of Debtor Satisfaction in the relationship between Product Bundling and Continuance Intention shows insignificant results with a contribution of only 1.7%.

After the estimated model meets the outer model standard, the next calculation is carried out by testing the structure model (inner model) by knowing the results of R 2on variables. The results of the R2value on variables according to the measurement results are shown in Table 9.

Table 9. Results of R Square Value

The R Square test results indicate the predictive ability of the model in explaining the variability of endogenous constructs. For the Continuance Intention construct, the R Square value of 0.502 indicates that 50.2% of the variation in continuance intention can be explained by the predictor variables in the model (Product bundling, Perceived value, and Debtor Satisfaction), with an Adjusted R Square of 0.483 which indicates a value that has been adjusted for the number of variables and samples. Meanwhile, the Debtor Satisfaction construct has an R Square of 0.177, which means that 17.7% of the variation in debtor satisfaction can be explained by Product bundling and Perceived value, with an Adjusted R Square of 0.156. Overall, the model shows moderate predictive ability for Continuance Intention and relatively weak for Debtor Satisfaction, indicating that there are still other factors outside the model that contribute to the variability of these two constructs.

In the process of writing this article, the researcher has received a lot of guidance, support, and assistance from various parties. Therefore, with full respect and sincerity, the researcher would like to express his deepest gratitude to all those who have contributed in completing this research.