Key components of our Loyalty Evaluations include:
Cross product options – enterprise rewards
Flexibility in redemption
“Member built” rewards options
Reporting and Analytics
Online Banking and Mobile Banking integration (Seamless)
Robust Redemption Options (Merchandise, Travel, Cash, Gift Cards, Buy Downs or Buy Ups on rates, Charitable Donations)
Premium Loyalty Program tied to increased interchange with Signature or World Cards
People love to be rewarded. When they are, they come back. But “rewards” in financial services needs to change. We need to look beyond what we have done for the past 20 years to evolve into a “Loyalty” mindset. Credit Unions should be leveraging a loyalty strategy to increase relationships with members, ultimately driving an increase in products per member and activity within those products. CU Engage helps credit unions elevate the “rewards” concept outside of just “transactional rewards” encompassing all credit union products and services.
There are nuances to the loyalty market that are important to analyze to ensure you are providing the richest experience to your membership in a manner that complements your overall profitability.