Mobile & rewards, the perfect match

first_img 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr During the PayThink 2015 conference held in Las Vegas this past fall, a panel of experts discussed how financial institutions (FIs) can boost mobile payment adoption. One key theme emerged from this discussion — the need for loyalty and rewards programs in mobile offerings. According to a recent Talech Retail Technology Report, 87 percent of consumers want a loyalty program. Talech found the number of U.S. consumers who were members of a loyalty program exceeded 3 billion in 2014. That’s an increase of 26 percent from 2012.For FIs looking to increase mobile payment adoption among their consumers, offering a basic payment or banking app is not enough. The panel noted the need for FIs to increase their app’s appeal and perceived worth. The best way to do this is to combine the payment component with value-added functionality including loyalty and rewards programs, discounts and other personalization.By linking loyalty programs with mobile payments, consumers enjoy rewards tailored to their buying history. The approach personalizes the rewards experience. Consumers feel more appreciated, and this type of personalization encourages engagement and boosts brand awareness. continue reading »last_img