New data from Commonwealth Bank's Rewards app shows customers have saved approximately $10m since launch in 2019.
CommBank Rewards enables customers to access shopping offers from across more than 115 retailers, allowing them to save when they spend on everyday purchases like groceries, fuel, technology and food delivery services.
Since the CommBank Rewards program launched, customers have received on average $13 in cashback per redeemed offer.
CommBank customers receive weekly offers in the CommBank app from merchants they may like, based on their spend history.
CBA Executive General Manager, Everyday Banking, Kate Crous, said that most customers now look for the opportunities to save.
"COVID is causing a lot of uncertainty for many people, so every extra dollar helps. Four in every five people tell us that they are always on the lookout for discounts and rewards, so finding that additional way to save is really attractive to many Aussies right now," Ms Crous said.
Ms Crous also said CommBank Rewards benefits the businesses involved in the cashback program.
"This wide-reaching cashback program also helps support businesses by encouraging more customers to shop and save. Shopping incentives can add a lot of value to businesses and that’s especially important when many businesses are doing it tough right now," she said.
The research highlights that Australians are four-times more likely to prefer cashback than frequent flyer points.
According to the insights more people prefer cashback (48%) than loyalty points from stores (30%) or frequent flyer points (12%).
Spend and save insights from CommBank Rewards:
Average customer spend is $99 (per redeemed offer)
Average cashback is $13
The top merchants by cashback include: Menulog, Coles and Ampol
Image by Kai Pilger via Unsplash