BankTech

Loyalty & Reward the Most Important in Driving Consumer Behavior, Says a Study by TSYS

MEDICI

TSYS announced the results of the recent study done by the company on Consumer Payment Choice. The findings were related to mobile app usage. The study covered the drivers of consumer behavior, information around consumer preferences for payment & communication method and provided insights into the growth of digital engagement.

“We expect the emphasis on digital engagement and technology to continue as innovation increases and new products become available to consumers,” said John Dale Hester, Group Executive of Relationship Management at TSYS. “Providing a more robust customer experience and expanded consumer choices will help drive progress and innovation within the payments industry.”

Some key findings from the study:

- Mobile - Enabling Technologies applications provided by financial institutions are highly adopted and frequently used by the consumers. 50% of survey respondents said that they have installed a mobile app from their bank.

- 70% of the respondents said that they use the app provided by their financial institutions, a few times a month or more.

- 41% of consumers prefer debit cards, down from 43% in 2014 and 49 percent in 2013.

- 35% of the consumers’ prefer credit cards.

- Loyalty and rewards are important in driving consumer behavior and affecting payment preference. 55% of respondents choose rewards as the most attractive feature of their preferred credit card.

Consumer Survey

- Email is the most preferred channel of communication among consumers when it comes to interacting with financial services providers. 46% of the consumers confirmed preferring email communication from their bank regarding purchase transactions.

- 43% of respondents said that they would prefer to receive marketing and special offer communications once a month.

To learn more about US consumer preferences and to get complete survey results, click here.

Participant Profile: TSYS conducted the online survey on more than 1,000 US consumers.

About TSYS:

At TSYS (NYSE: TSS) believes payments should revolve around people, not the other way around. TSYS call this belief “People-Centered Payments.” By putting people at the center of every decision it makes, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend, A TSYS Company, it empowers consumers with the convenience, security and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions. TSYS’ headquarters are located in Columbus, Ga., USA, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a member of The Civic 50 and was named one of the 2015 World’s Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, click here.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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