Rewards Programs in the U.S. Financial Services Market - Understand Consumer Usage of Rewards Programs for Financial Services

August 31, 2011 04:55 AM Eastern Daylight Time 

DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Rewards Programs in the U.S. Financial Services Market" report to their offering.

Research IssuesThis new study examines consumer usage of and reaction to reward programs for financial services such as credit cards, debit cards, and checking accounts. Relationship and balanced-based rewards, as well as the overall impact of rewards on customer loyalty are evaluated. The research involved a United States Internet Survey with 1,000 consumers age 18 or older.

Reward programs are well established as a key marketing strategy. However, with economic pressures some providers are finding it necessary to scale back reward programs. To what extent have consumers recognized this decline in reward value? Are rewards losing their luster as a marketing strategy?

Since the introduction of frequent flyer points and Discover's cash rebate, reward credit cards have proliferated. More recently, reward programs are being associated with debit card marketing efforts. Cobranded credit and debit cards offer their users discounts or rewards at their partnering organizations. A number of providers have established integrated programs which link credit and debit card reward programs. Some have moved to relationship programs which reward consumers for the breadth and depth of their financial relationship. Discounts on other banking services, such as a lower loan rate, can also be earned.

But even with the almost frenetic pace of activity, questions still loom around the objectives and costs of these programs. In the current environment, should providers be seeking acquisition, retention or revenue through reward programs? Consumers may be confused regarding various aspects of the programs. Some consumers may have even dropped out or are silent participants who have forgotten signing up for reward programs.

Providers need to address these issues, as well as others as they move forward with rewards marketing programs. Developing an understanding of consumer perceptions, attitudes and expectations, as well as behavior patterns, will assist providers in optimizing the effectiveness of their reward marketing programs.

For more information visit http://www.researchandmarkets.com/research/e76c50/rewards_programs_i

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Laura Wood, Senior Manager,
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