At ampliFI, our clients and their performance are a foundation to everything we do in the financial loyalty market. Our team works to integrate with your organization as an industry partner, and aims to make your organizational and cardholder goals a priority to drive long-term success and growth. After seeing exceptional results, we’re sharing a case study from one of our clients who implemented a credit and debit rewards program to meet their cardholder demands and generate a 30% increase in spend across their cardholder portfolios.
Client Overview and Objectives
Located in the Northern Midwest region of the United States, the credit union contains an asset volume of $3.5 billion and 28 branches. Among their members, 136,000 members are enrolled in the debit rewards program and 244,000 in the credit rewards program.
The client came to ampliFI with a goal to enhance their banking service for their members. They wanted to ensure that the rewards program they offer was accessible to their business base through debit and credit accounts for ideal cardholder engagement.
Program Overview and Process
With a cohesive program developed with different factors for both debit and credit card members, the credit union was able to address the needs of both member types while producing a single experience to benefit everyone. For debit cardholders, they earn 1 point for every $6 spent. Credit cardholders can earn 1x to 1.5x points per $1 spent based on the credit tier level. Members are able to redeem points before the rolling four year expiration window based on the month points were earned for rewards such as cash back, event tickets, gift cards and more.
Results
With an integrated program for both debit and credit member accounts offering single sign-on integration, the credit union was able to see 27% of households redeeming points and 56% of redemptions were for gift cards as of June 2021. Additionally, debit cardholders spend 31% more year-over-year as part of the rewards program with a 15% increase in transaction quantities. Credit cardholders spend 30% more year-over-year with a 12% increase in transaction quantities during the same time period.
Overall, the credit union achieved their goal in creating a cohesive experience and continually engaging cardholders to earn points and redeem rewards as part of the program. With a cohesive ampliFI loyalty program designed to fit the needs of the financial institution and the cardholder, this client was able to grow for long-term success.
Want to achieve exceptional results through your loyalty program? Speak to our experts and begin planning your financial institution’s future for successful cardholder engagement and retention.
* Client name and identifying information has been redacted for privacy purposes. Some data has been rounded for approximation to protect client privacy. Data reflected in this case study was collected in June 2021.