As we approach the new year and your organization focuses on goals for 2023, don’t overlook the importance of your loyalty program and how to utilize it to keep your card top-of-wallet. As experts in loyalty, we’re sharing three ways to keep your card top-of-mind and top-of-wallet for your cardholders.
Consistently Communicate Your Rewards Program
A recent industry study found that 89% of consumers surveyed would be likely to redeem checking account benefits if better communicated. This illustrates that cardholders often lack the valuable information needed to engage with their rewards program. To ensure your financial institution is driving cardholder retention and attracting new consumers to increase portfolio revenue, education is key. Financial institutions that consistently communicate to cardholders drive awareness of their program benefits and educate cardholders on how to earn and redeem. If cardholders aren’t aware of your loyalty program and how it directly benefits them, they might choose another card that they are educated about.
Education of your loyalty program shouldn’t stop at account opening or onboarding but be regularly communicated throughout the year as one of the great benefits your financial institution offers. Your loyalty program should be something that excites cardholders and staff. Talk to cardholders that frequently redeem points, and capture their excitement for great testimonials to share to increase awareness of your program.
Increased and consistent communication in a variety of channels and approaches will help cardholders understand the benefits of your financial institution’s loyalty program and motivate them to keep your card on top-of-wallet.
Offer Cardholders Real-Time Rewards
In addition to educating cardholders on how to earn and redeem points, it’s just as important they know what their points can be redeemed for. Offering relevant, quality, and flexible real-time redemption options is mutually beneficial to your cardholders and your financial institution. To keep pace with society, competitors, and cardholder demands, offering easy redemption solutions that are served up to cardholders is a must. ampliFI’s Real-Time Rewards suite allows cardholders to redeem points in real-time through a mobile notification, a prompt at the gas pump, or on the POS system directly at checkout.
Consumers have expectations of immediacy and relevancy when it comes to their financial institutions and rewards. Real-Time Rewards fulfill these expectations and increase satisfaction, retention, and value, resulting in higher usage of rewards-linked cards and improving engagement with your financial institution.
Enhance Rewards Earnings With Merchant-Funded Offers
Surprise and delight cardholders with the power to earn more without spending more. Offering bonus points just for shopping in-person or online at a wide variety of merchants is a win-win for both financial institutions and cardholders. Merchant-funded offers, give cardholders access to an exclusive network of thousands of national and local merchants —and ampliFI’s participating merchants cover the cost of bonus points awarded to cardholders. Earning additional bonus points at merchants when using their rewards-linked card delivers immediate satisfaction and builds brand loyalty, driving a deeper emotional connection to your financial institution.
As another year approaches, be sure your financial institution is taking the necessary steps to stay ahead of industry trends and changes. Assess your rewards program to ensure your organization is implementing a consistent loyalty program communication plan to educate cardholders, offering real-time redemption solutions such as Pay With Points, Checkout With Points, and Fuel With Points to meet cardholder demands and provide additional ways to earn points, such as with Merchant-Funded Offers. As perceived value and engagement increase, a cyclical cardholder journey to spend, earn and redeem is created, ultimately bringing your card top-of-wallet.
Want to learn more about how ampliFI can help you drive loyalty success in 2023? Contact our experts today for a free virtual consultation.