Contained Costs. Dedicated Interactions. Broad Offerings.
The trio have been a staple of banks’ reward programs for the last 20 years.
Now consumers often associate them with frustration, disjointedness and irrelevance. And the appeal of a transactional approach to rewards—earning points, miles or cashback to redeem—is starting to wane.
In the confused space occupied by reward programs offering the wrong rewards at the wrong time, one thing is clear:
"The experience of redeeming rewards is as important as the rewards themselves."
This report looks at how the three hangups of banks’ reward programs can be redeemed accordingly:
It won’t require a complete overhaul to go from contained costs, dedicated interactions and broad offerings to efficient costs, integrated interactions and deep offerings. The three pieces are already in place; they’re often just misaligned. Download the report to find out how to redeem your reward program.