Banking on Relationships: The ROI of Bank-Wide Loyalty
Beyond the credit card
The business case for enterprise-wide loyalty in banking is not simple, but the return on investment can be spectacular.
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Excerpt from the white paper
Another key barrier to implementing bank-wide loyalty programs is the inability of banks to articulate very clearly the monetary benefits of shifting from a credit card-based loyalty program to a bank-wide loyalty program. This inability stems primarily from the strong influence of a siloed product ownership mindset with respect to customer relationships. The moment banks see loyalty programs through the lens of a holistic customer relationship, the monetary benefits for the bank and the value for the customer become straightforward and clearly evident.
“I cannot understand how you banks work! You let me use my points to get apples and oranges from a grocery store, but you will not allow me to use my points to pay for your own products and services. Get your house in order before you go outside.”