Are you still relying on product based rewards for members?
Meet the new tool on the block: relationship building.
A trigger is that interchange rates are under attack and, for many financial institutions, it’s been interchange that funded the rewards programs.
So what’s the new approach? On the show is Beth McCoy, CEO of CORA Loyalty, who provides a roadmap for building member relationships that benefit both the member and the institution.
CORA Loyalty explains what it does this way: “Loyalty leaders are shifting from card-centric to relationship-focused campaigns. The approach rewards customers for activities across the institution: maintaining checking accounts, paying account fees, using credit and debit cards, transacting regularly, and long-term relationships.”
“The goal isn’t card spend, but broader and longer lasting outcomes like growing deposits, encouraging treasury management adoption, and strengthening the full banking relationship.”
Sound good?
