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Can payments companies keep customers coming back with the generic rewards programs that they have been using for years? The answer is a resounding no.
In today’s complex and competitive market, customer loyalty means everything to payments companies that must differentiate themselves from both traditional competitors and hungry new entrants. Yet the market is oversaturated with similar loyalty programs that have become ineffective, mere commodities to even the best customers. Something has to change.
This point of view explores how payments companies can break from the status quo to develop next-generation loyalty approaches that offer relevant, personalized offers to customers on their terms. It is about sustaining loyalty to attract new customers and get more value from existing ones.
Download Engagement: The Future of Loyalty in Payments [PDF, 143 KB]
Learn more about our Payments Insights Series
How do traditional payments companies re-assert themselves as loyalty leaders?
Beyond a generic deal or offer, loyal customers are influenced to select a payment vehicle out of the wallet because they get “something that matters” to them when they use it.This is why payments companies should focus more on personalized customer experiences when developing loyalty programs.
Otherwise, they risk losing market share to new entrants such as Belly Inc., SavingStar Inc., Ebates Inc. and shopkick Inc., which are already innovating loyalty around sticky and personalized customer experiences.
July 18, 2014
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