Intuit rolls out Mobile Purchase Rewards for Android and iPhone

Enabling financial institutions to better engage with increasingly mobile customers

Intuit Financial Services’ new Mobile Purchase Rewards app enables customers to receive and activate customised merchant-funded discounts or rewards based on their personal buying habits (view press release). The discounts are redeemed upon swiping the debit/ATM card and deposited back into the customer’s account at the end of the month. Features of the service include increased rewards the more the card is used, unlimited cash back and end-to-end security. The solution is designed to enable financial institutions to better engage with their increasingly mobile customers. An Intuit study of around 425,000 online bankers from February this year claims that those who used Purchase Rewards made on average 11 more purchases per month, creating around USD60 extra per year in interchange fees for the financial institution. The study also claims that Purchase Reward users also accessed their financial institution around 60% more often than regular online bankers, offering financial institutions additional opportunities to cross-sell products and services.  

With the proliferation of smartphones, today’s mobile consumers expect their financial institution to deliver a wealth of information that can be used anywhere, at any time on any device,” said CeCe Morken, SVP and GM of Intuit Financial services. “Bringing Purchase Rewards to mobile devices provides financial institutions a good way to better engage customers on their terms and build deeper relationships.” 

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