In this digital age, original ideas are popping up everywhere, especially within the realm of card products. However, now is not the time to completely write off traditional methods for driving card use, according to a TSYS study on “Consumers, Coupons and Daily Deals” released today. Some “old school” solutions still have what it takes to motivate cardholding customers to spend more money more frequently on their favorite cards.
Here are a few noteworthy study findings:
Couponing: Most respondents use coupons, and more than a third answered that they use coupons more than 50 times a year. Almost half of these coupon users prefer to use a debit card when redeeming them.
Daily Deals: More than half of respondents in the study said that they had used daily deal platforms like Groupon or LivingSocial, and more than half of the respondents have used them have done so 10 times or less in the past year.
Bank Offers and Rewards: TSYS asked respondents which features influenced them to pick one credit card or another in their wallet – and the winner for most influential seemed to be rewards offerings, among several other features.
The data indicates that consumers in the U.S. still like to use coupons and are willing to receive offers from their FI, yet “seem to be unaware of whether their FI already offers a card linked discount program.” TYSYS concludes that FIs can therefore better build awareness of these programs to meet cardholder couponing demands, boosting overall card usage.
For more on what FIs can do to “tweak” these traditional solutions, download the white paper here.