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Americans Tired of Irrelevant Daily Deals But Want Bank Offers
November 2, 2011
Despite the proliferation of daily deals sites, nearly 80 percent of Americans report they are tired of receiving irrelevant email offers and discounts. But surprisingly, a majority of consumers (six in every 10) are actually looking to – and expecting – their bank to find and offer them new ways to save money; and they are ready to take action if their expectations are not met.
In fact, 63 percent of Americans state they are at least somewhat likely to switch banks if another financial institution provided its customers with valuable, no-strings-attached offers and theirs did not.
What specific types of retailer offers and incentives are Americans most interested in receiving from their banks? Top of the list was cash, specifically in the form of credit direct to their debit or credit card. Traditional merchant discounts, such as 20 percent off a purchase, ranked second while rebates (e.g., $20 back when you spend $100) rounded out the list.
“This study indicates there is a tremendous opportunity for banks to provide customers with exactly what they want,” explained Jim Taschetta, CMO for FreeMonee Network. “Consumers are asking banks to help them keep their wallets healthy and the technology now exists for financial institutions to provide meaningful merchant incentives to their customers using card transaction data without sacrificing a consumer’s privacy. Now is the right time to act.”
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