The painful truth for banking reward programs
The two biggest pain points facing bank reward program owners currently are, firstly how do I manage the ever increasing cost of providing airline miles and travel rewards to my growing base whilst feeling the mounting cost of regulation and market pressures. Secondly how do I make my program more engaging? Both of these are dominating program performance.
As a cardholder, how often have you taken out a card for miles or looked at a list of rewards and wondered if you would even enjoy reaching a threshold to redeem?
So how does the bank Loyalty manager get out of this cycle? Consumers still seek out travel as an aspirational reward and opting for miles remains one of the most attractive options. Counter this with the value of free flights being eroded by taxes and the rise of cheap Low Cost Carrier tickets and you can see the challenge facing the Loyalty team. Enter iTravel to provide a flexible alternative. Anytime, anywhere flight redemption with Low Cost Carrier flights included.
New engagement techniques make it easier to earn and more exciting to redeem. The rise of affiliate marketing means more programs are issuing merchant funded points or miles and now programs can capitalize on the choice and flexibility that e-commerce sites and infrastructure can bring to the banking redemption world.
Get this whitepaper by Collinson Latitude to learn more on:
- Why do so many financial organizations choose the wrong road?
- Recognizing the wrong road
- Taking the right road
- Take the road to reward and discover success
Collinson Latitude, an Associate Sponsor at the 2nd Future Bank Asia 2014 expo will be at the show to share with you more on how they combine the latest technology, content and communications to achieve enhanced value, engagement and increased conversion for your business. If you would like to discuss more about their findings in the whitepaper, visit them at MR20 on 23 – 24 April 2014, Level 4 , Suntec Singapore!