[Updated on 22 February 2017 at 03:02 PM to include the total number of survey respondents from the Philippines].
Mobile financial service (MFS) providers in the Philippines are failing to fully realise the potential of loyalty programmes to drive revenue growth and retain customers.
This is according to a survey commissioned by Amdocs to Ovum, which polled 1,800 consumers and 42 service providers across nine countries. The countries include the Philippines, Bangladesh, Brazil, Indonesia, Mexico, Russia, Singapore, United States, and Vietnam. They polled 200 consumers, and four MFS service providers in the Philippines.
The survey indicated a significant gap between the services that customers want and what they are offered.
Majority of the Filipino respondents considered the ability to manage multiple loyalty cards using a single mobile device as very important (58 percent) or important (37 percent). However, none of the polled service providers offer this feature.
Additionally, even though half of the consumers wanted the ability to share loyalty points with friends and family, only a quarter of polled MFS providers offered this.
The gap is also present when it comes to the rewards that service providers provide to their customers.
Nearly half of the consumers (45 percent) preferred cash back but this reward is not available to more than 70 percent of the respondents. Filipinos also indicated that they wanted discounts to buy goods and services, but only 38 percent of MFS offered them.
Besides that, the survey revealed that 61 percent of the respondents in the country were not members of an MFS-linked loyalty programme. One-third of them were not offered any such programme. Out of the unbanked respondents, only 22 percent said they were registered to one.
"MFS providers who employ loyalty programs to engage and retain customers are better placed to increase usage and adoption of their mobile wallet service, thereby driving revenue growth," said Eden Zoller, Principal Analyst at Ovum.
"However they must still address the gaps that exist between what customers want and what they are being offered," added Zoller.
Sign up for CIO Asia eNewsletters.