Cardholder engagement and retention are one of the many goals you have as a financial institution, and finding the right loyalty program is the first step in a positive direction. When researching loyalty programs to help drive your cardholder engagement, there is one key factor to remember: you want your loyalty program to be mutually beneficial to your financial institution and your cardholders. This is where our real-time rewards suite steps in. 

At ampliFI, our loyalty programs offer a holistic experience for you and your cardholders, and our #1 loyalty program feature is our real-time rewards suite, which offers cardholders the ability to redeem points to cover the cost of a purchase with Pay With Points, earn discounts at the pump with Fuel With Points, and soon, cardholders can use their points to shop at select merchants with Checkout With Points. Our experts are sharing why real-time rewards are an essential feature for any loyalty program, and how they help your financial institution to drive cardholder engagement and retention long-term. 

Drive Redemptions Through Surprise and Delight

real-time rewards suiteThrough real-time rewards, cardholders are alerted with Pay With Points notifications when they have enough points available to cover their recent purchase, or prompted at the pump when they have points to receive a discount on their fuel purchase through Fuel With Points. This helps to drive redemptions because it allows for cardholders to make the decision at that moment if they want to redeem their points, increasing redemption volume and value for your financial institution. Additionally, your cardholders will experience the surprise and delight of redeeming points, helping to drive further usage and spend in order to regain the same redemption benefit. 

Drive Usage and Spend Through Redemption Benefits

The more your cardholders use their rewards-linked card, the more points they can earn to use for real-time rewards redemption options. Spend and usage help trigger real-time rewards more often because cardholders will have more points to use at merchants as a redemption option, earning them larger redemption values or more frequent redemptions at gas stations for fuel. This adds perceived value to cardholders because they are able to save money at their favorite retailers or at the pump, which may be common places they tend to spend most, driving them to further spend more at these locations in order to regain reward benefits. 

Drive Retention Through Satisfaction and Value

In today’s digital society, cardholders have expectations of immediacy and relevancy when it comes to their financial institution and rewards. By fulfilling these expectations utilizing ampliFI’s real-time reward suite, you can increase satisfaction, retention and value. Thus, increasing usage of their rewards-linked cards and satisfaction with your financial institution. As perceived value and engagement increase, the more favorable cardholders feel toward your organization and the more likely they are to engage with your financial institution in other ways, such as utilizing other products, recommending your financial institution to other consumers and growing their account value through higher investment and spend.

When your cardholder engagement is high, their willingness to opt for an alternative organization or product is reduced because they do not believe that they could gain greater, more relevant benefits than what they currently experience. It is essential to understand and listen to your cardholders to deliver the products and features that meet their needs and wants, and in-turn bring your card top-of-wallet. 

Real-time rewards are an essential feature to have as part of your loyalty program if you want to maximize your cardholder engagement, satisfaction and retention for your financial institution. By adding one or more real-time reward options to your existing loyalty program, you can begin to see an exceptional growth in your engagement and performance, driving portfolio revenue and benefits for your organization. 

Interested in learning more about ampliFI’s suite of real-time rewards? Contact us for more details to schedule a free demo to see how we can ampliFI your cardholder engagement!

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