Marrying mobile apps and rewards is a rewarding combination, according to a recent survey by Phoenix SYNERGISTICS entitled, Revitalizing Reward Programs.  Each of the five reward-oriented mobile apps tested was rated as valuable by more than six in ten respondents.  In general, younger consumers and those with higher household income are more likely to find value in these types of apps.  Additionally, four in ten say the availability of these types of mobile apps for managing rewards would encourage them to choose one provider’s reward program over another, with this being more prevalent among younger respondents (ages 18 to 49).

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William H. McCracken, CEO of Phoenix SYNERGISTICS, stated, “As FIs fine-tune their involvement with mobile payments, they should consider incorporating mobile rewards apps into the mix.  Marrying rewards with mobile apps seems almost inevitable given the popularity of both in the current environment.  A majority see value in these types of rewards-related apps, which were also found to have potential for account acquisition, particularly among younger consumers.”

These are among the findings from Phoenix SYNERGISTICS study, Revitalizing Reward Programs, featuring online interviews with 1,000 consumers age 18 or older.  This study evaluates the consumer perspective on reward programs for financial services including credit and debit cards and checking.  It examines reaction to pricing, custom reward programs, and combined reward programs