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Relationship rewards: A deeper dive
Relationship rewards offers the ability to reward account holders with additional reward earnings opportunities for using eligible products and services, as well as for the cumulative value of the entire customer relationship. Such earnings can be used by consumers for all sorts of high perceived value items, ranging from cash to discounts on products and services, to merchandise and travel items, driving higher customer engagement and more profitable relationships for the financial institution. There are many benefits in relationship rewards programmes for a financial institution, including: increased retention rates; increased revenue (acquisition/ lift/profit mix); higher perceived value; competitive advantage; and higher satisfaction. This paper explores the many customer and financial institution benefits, as well as the many success factors needed for an institution to plan, design and execute a solid relationship rewards programme successfully.
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