The report provides market analysis,
information and insights into retail bank loyalty programs:
- Provides a global snapshot of loyalty programs adopted by retail banks in developing and developed economies in the banking industry
- Analysis of retail bank loyalty programs trends and drivers and key operational opportunities and challenges faced
- Detailed analysis of loyalty program product and marketing strategies globally
- Analysis of loyalty program customer targeting and marketing strategies adopted by leading retail banks operating in various markets
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Executive summary
Loyalty programs have emerged as one
of the key marketing tools in the global retail banking industry. Retail banks
offer a number of loyalty programs in developed economies, however many of
these are commoditized. This has compelled banks to introduce innovative
programs in order to remain both competitive and profitable.
There is also an increased pressure
on costs due to new regulatory trends in last five years. Loyalty programs are
being viewed as an important revenue-driving tool and have been proven to
reduce customer acquisition costs. Retail banking in emerging economies is
still in its developmental stages, as illustrated by its relatively low loyalty
program penetration rates.
Traditionally, banks and other card
issuers have offered reward programs based on a customer income level and
demographic profile. Banks are now segmenting customers based on their
lifestyle choices and purchasing behavior. The use of analytical tools to
better understand consumer spending patterns and offer personalized reward
programs has increased in terms of adoption rates. The approach allows card
issuers to launch customized rather than blanket programs to all customers.
This approach also helps to target
and isolate the most profitable customers and phase out the programs that do
not offer significant value to a bank's overall business. Moreover, analytics
are enabling banks to provide location-based, real-time discounts in
collaboration with merchants. The successful implementation of analytic-based
reward programs has become a key differentiating factor for banks.
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