With the explosive growth of smartphones, today’s mobile consumers expect their financial institution to deliver a wealth of information that can be used anywhere, at any time and on any device. Why should purchase rewards be any different? With that in mind, Intuit Financial Services recently introduced a new feature for iPhones and Androids – Mobile Purchase Rewards.
One of Intuit’s chief aims is to help consumers keep more money in their pocket, be it through tracking what they spend though products such as Mint and Quicken, or maximizing their tax refund with TurboTax. Thanks to Mobile Purchase Rewards, customers of the more than 1,800 Intuit-powered banks and credit unions can receive and activate customized merchant-funded discounts or rewards that are based on their personal buying habits. All it takes is a swipe their bank- or credit union-provided ATM/debit card to redeem and save money. The savings are then automatically deposited back in the customer’s checking account at the end of each month. No coupons, no fuss!
Mobile Purchase Rewards also provides financial institutions with the opportunity to better engage and serve their customers. A February 2012 Intuit study of more 425,000 online bankers showed that consumers who use Purchase Rewards make, on average, 11 more purchases per month, generating as much as $60 per year in interchange fees to the bank or credit union. These customers also access their financial information 60 percent more frequently than users of online banking alone, providing financial institutions with additional opportunities to cross-sell products and services.
“Our customers are able to see how they can save money at local and major retailers while on the go,” said Brad Hettinger, vice president of Busey Bank. “Mobile Purchase Rewards helps our customers save money and helps us build a more meaningful relationship with them.”
Interested in seeing Mobile Purchase Rewards in action, check out the demo below.