Engaging cardholders is at the top of everyone’s mind when it comes to driving revenue for your financial institution, and your loyalty program should be an extension of that strategy. By learning more about how your cardholders earn and redeem, it’s easy to observe rising trends that our experts see continuing to grow in 2022 due to financial changes, economic inflation and growing consumer expectations. When preparing your 2022 engagement strategy, our experts are sharing the top program must-have features in the loyalty industry among consumers and how your loyalty program can drive engagement. 

Real-Time RewardsExpand Real-Time Rewards

Since the beginning of the COVID-19 pandemic, consumers have become more focused on available cash between checking, savings and credit lines, spending more time focused on financial stability and discounts. Over 18 months later, we’re now seeing consumers who are more savvy with their spending and earning capabilities, using their redemptions for real-time cash-like rewards, in comparison to other redemption options like merchandise or travel. Real-time rewards may include fuel discounts, paying with points to cover their purchases, merchant bonus offers and more, driving perceived value to consumers who would prefer to use reward points instead of cash. This helps to meet cardholder demand by offering immediate gratification and redemption with a mobile experience featuring real-time notifications, versus traditional redemption through standard non-mobile outlets that can take days or weeks to receive. In 2022, the availability of cash-like rewards and reward types will continue to rise, driving consumers to cover the additional expense with rewards, creating a cyclical cardholder journey to spend, earn and redeem. Learn more about real-time, cash-like rewards with ampliFI’s Pay With Points and Fuel With Points programs, and read what our experts have to say about the most popular options here!

Maximizing Rewards With Bonus Points

Because cardholders are engaging more than ever with their rewards programs, they’re becoming more aware of opportunities to earn more points in exchange for everyday purchases. From bonus point promotions to merchant-funded rewards, 2022 will bring a new type of cardholder who demands more earning opportunities outside of their standard earn rate and in exchange, they will redeem more with more points available. In turn, it’s important for your financial institution to deliver quality bonus point opportunities through promotions, card-linked offers, special earn rates based on retailers and ongoing offers to promote engagement and redemption. In addition, financial institutions should consider the total relationship rewards journey. This includes creating points of engagement throughout a cardholder’s experience with a financial institution, such as earning bonus points by opening a new savings account, refinancing or opening a mortgage, referring a friend, or any other services that may be offered. Read more about how loyalty program promotions help to drive cardholder engagement!

Drive Spend Through Goal Setting

Have you ever wanted something so bad that you save to buy it? Give your cardholders the power to save their points for a larger redemption through a wishlist! By creating a wishlist, your cardholders can set a goal toward something that would usually seem unattainable, such as a luxury product like AirPods or a designer handbag. Once they achieve the point threshold that is needed to redeem the item, they are notified and can instantly redeem! Not only does this create cardholder satisfaction and drive engagement, but it also boosts portfolio revenue for your financial institution because the cardholder is more willing to bring your card to top-of-wallet as they spend to increase their point balance and reach their goal. 

Your loyalty program should directly address the demand of your cardholders, and creating a cohesive, market-driven program requires some changes year-to-year in order to address the economic and societal impact on your earning and redemption system. As we enter a year different than any other before it, it’s crucial to stay engaged with your audience and introduce innovative program features to drive cardholder engagement and portfolio revenue for your financial institution. 

Want to learn more about how ampliFI stays ahead of the trends to drive your cardholder engagement strategy? Talk to our specialists and get a demo of our dedicated loyalty systems at sales@amplifiloyalty.com or visit our website to explore more about our all-inclusive loyalty offerings.