In spite of positive US economic indicators, including a historically low unemployment rate, record-setting stock market performance, and higher average wages, consumers are still cautious. Driven by this caution, they have become strong "savers." EY, in their 2024 Future Consumer Index, noted "...the act of saving has become an ingrained consumer behavior across demographics, with shoppers turning to loyalty programs, private labels, and discounts to cut costs.”
To learn more about changing consumer savings habits and the tools they use, we conducted a survey of 1,000 demographically varied US consumers with research firm Big Village, resulting in our Oct. 2024 whitepaper, "Banking on Shopping Rewards - The Value-Added Services Today's Consumers Prefer."
While many banks are launching value-added services outside of their core banking features, consumers seem to be favoring those that help them save money, the most. In our survey, they rated cashback rewards and coupons much more useful than features such as enabling offers within the bank’s app or website (59%) or spreading payments over time with Buy Now Pay Later plans (49%).
The following infographic based on our survey data illustrates the importance of these types of offerings to banking customers. To view the full-res infographic as a pdf, click the thumbnail to download: