Intuit Financial Services' new Mobile Purchase Rewards feature for mobile devices lets customers turn their smartphone into a savings tool.
Armed with the new mobile banking feature offered by their bank or credit union, consumers can receive and activate customized merchant-funded discounts or rewards that are based on their personal buying habits. Customers then simply swipe their bank- or credit union-provided ATM/debit card to redeem and save money. No coupons. No fuss. The savings are then automatically deposited back in the customer's checking account at the end of each month. Additional benefits include:
-- Rewards for frequently using debit cards; the more often customers use their card, the more rewards they'll receive.
-- Earn unlimited cash back through Purchase Rewards.
-- Complete end-to-end security so no personally identifiable information is shared with outside parties.
Intuit's unique customer-centric approach to developing for mobile devices was highlighted in a recent Forrester Research report. The new Mobile Purchase Rewards capability adds to the robust set of mobile banking tools Intuit offers to banks and credit unions. It is automatically included for existing customers of Intuit Financial Services' Purchase Rewards program and iPhone and Android mobile apps. The feature has been available online from some Intuit-powered banks and credit unions since August 2010.
"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."
The new mobile feature gives financial institutions another digital tool to better engage and help today's increasingly mobile customers make smarter financial decisions and delivers additional benefits to financial institutions. A February 2012 Intuit study of more 425,000 online bankers shows 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.
"With the proliferation 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," said CeCe Morken, senior vice president and general manager of Intuit Financial Services. "Bringing Purchase Rewards to mobile devices provides financial institutions a good way to better engage customers on their terms and build deeper relationships."