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Untapped potential: How banks can unlock the multiple benefits of loyalty programs
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Bank loyalty programs are crucial business tools that can drive customer engagement and revenue, and also enhance customer lifetime value. Yet, there remains masses of untapped potential for banks to exploit, especially around the use of data and personalization.
For this episode of the Loylogic Podcast, we are joined by Paul Wallis, Director of Growth at Epsilon, to explore the benefits that loyalty and rewards programs – when done well – can deliver for banks and how program leaders can overcome the challenges of delivering effective whole bank loyalty programs.
Key topics discussed include:
1. Bank loyalty programs today
- Why bank loyalty is still in its infancy, the need for much greater personalization in loyalty and rewards, especially given the huge volume of data banks possess.
- Global trends in banking and why this is driving the ever-greater need for effective loyalty programs.
- What the best bank loyalty programs have in common.
2. Attracting and retaining customers with loyalty programs
- How banks – or any financial institution for that matter – can ensure they’re developing the right loyalty program strategy for their business to meet customer demand for innovative loyalty schemes.
- Overcoming the main operational challenges brands face while executing their loyalty programs.
- The big talking point…data…and why effective use of the information that banks hold on their customers is the best way forward for any loyalty platform to power engagement.
- How does this effective use of data play into the cost center vs revenue generation debate?
3. Bank loyalty programs in UAE & Saudi Arabia
- How global trends in bank loyalty are playing out across UAE and the Kingdom of Saudi Arabia.
- The region-specific factors loyalty program managers need to consider while implementing loyalty programs in the region.
- The regulations, issues and requirements loyalty program managers need to consider when implementing loyalty programs in this region.
15 episodes
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