UChoose Rewards from Fiserv Experiences Double Digit Growth in 2011
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial
services technology solutions, today announced that its UChoose Rewards®
solution experienced 69 percent growth in the number of debit and credit
cards registered under the program in 2011. UChoose Rewards from Fiserv
is a customizable rewards program designed to incent cardholder usage
and provide consumer benefits for both consumer debit and credit
programs. For financial institutions, the solution lets clients choose
among merchant-funded, financial institution-funded or blended-funded
options to meet their objectives.
"Growth in UChoose Rewards has significantly outpaced growth across the
debit reward industry," said Holly Krest, senior vice president, Loyalty
Solutions, Fiserv. "In light of the Durbin Amendment's new regulations,
many of our financial institution clients view debit and credit rewards
programs as key vehicles to retain customers, reward loyal users and add
value as they differentiate."
In 2011, cardholders who used UChoose Rewards contributed an average of
62 percent more revenue to their card-issuing financial institutions,
when compared to 2010.
UChoose Rewards registered cardholders use their cards for 50 percent
more transactions as compared to their non-registered peers, delivering
$52 more in incremental annual revenue per cardholder to their
card-issuing financial institution than those who haven't signed up.
Rewards programs can help financial institutions increase customer
loyalty, and cardholders who actively redeem rewards program points
exhibit card preference. UChoose Rewards points were redeemed by more
than 100,000 consumers for rewards valued at $6 million in 2011.
Patelco Credit Union recently implemented UChoose Rewards as a
value-added service to its members. Patelco ranks among the largest
credit unions in the nation, with more than $3.6 billion in assets and
270,000 members nationwide. Patelco selected UChoose Rewards as a way to
expand its competitive edge.
"We chose UChoose Rewards from Fiserv because of the number of options
it brings to our members," said Sandra Scott, vice president of Card
Services, Patelco Credit Union. "The biggest benefit for our members is
the cash back option and the low cost per redemption. We chose a blended
program which offers both issuer-funded and merchant-funded rewards
because it affords us the maximum flexibility in customizing our program
to meet our specific business objectives."
UChoose Rewards from Fiserv enables financial institutions to develop
the total customer relationship by rewarding all relationships and
packaging rewards as part of fee-free checking. Rewards can help
decrease operational expenses by rewarding lower cost channels. Through
UChoose Rewards from Fiserv, institutions can recommend the addition of
local and regional businesses, often not included in the largest banks'
programs. Enlisting local businesses in the program adds a competitive
advantage that not only attracts additional program registrants but also
provides a boost to commercial and small business banking relationships,
since institutions can add their own commercial clients to the network
at no fee.
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry. Fiserv is driving innovation in
payments, processing services, risk and compliance, customer and channel
management, and business insights and optimization. For six of the past
eight years, Fiserv ranked No. 1 on the FinTech 100, an annual
international listing of the top technology providers to the financial
services industry. For more information, visit www.fiserv.com.
Senior Public Relations
Director, Public Relations
Source: Fiserv, Inc.
News Provided by Acquire Media
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