Fifty percent of a new survey respondents said they have installed a mobile app from their bank. Of those respondents, 70% said that they use the app a few times a month or more.
TSYS released the results of its 2015 U.S. Consumer Payment Choice Study.
In addition to providing insight into the growth of digital engagement, the study also uncovered drivers of consumer behavior and information around consumer preferences for payment and communication methods. Other key findings included:
• Although debit continues to be the most preferred payment type among U.S. consumers, it has declined during the last two years. Forty-one percent of consumers prefer debit cards, down from 43 percent in 2014 and 49 percent in 2013. Credit card preference held steady at 35 percent.
• Loyalty and rewards are important in driving consumer behavior and affecting payment preference. Fifty-five percent of respondents chose rewards as the most attractive feature of their preferred credit card.
• When interacting with their financial services provider, email is the most preferred channel of communication among consumers. Forty-six percent reported preferring email communication from their bank regarding purchase transactions.
• When asked about the frequency of getting marketing and special offers, 43 percent of respondents reported that they would prefer to receive these communications once a month.
For data, background and forecasts on TSYS: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).