Next-Generation Rewards:
Changing the Consumer
Engagement and Revenue
Generation Paradigm
By Andrés Peña, VP of Alliance &
Channel Development, Buzz Points ®
May 25, 2017
Technology
Solutions come in
two flavors:
•
•
Commoditized,
traditional services
New generation of
innovative,
differentiating
services
What’s my best customer
experience anywhere?
The point of
departure for
addressing this
new customer
service
expectation is
technology
Commoditized, Traditional Services:
•
Can be dated and rigid
•
Not designed for millennials
•
Don’t reinforce community focus
•
High training and support costs
•
Lack integrated marking support
•
Do not enhance local brand
•
Fail to deliver on ROI promises
•
Fail to engage members
The new generation of technology services:
•
Context and Relevance
•
Instant Access to the benefits of being a member
•
Increased revenue and profitability
•
Ability to co-exist with the Commoditized, Traditional platforms
Let’s look at how
these apply
specifically to
credit unions.
Context and
Relevance
Instant access to the
benefits of being a
member
Increased revenue
and profitability
Ability to co-exist
with the
commoditized,
traditional
platforms
How do
you begin?
You look to the
customer as your
guide to innovation
Mobile check
deposit and
robo-tellers
aren’t all the
innovation
you need.
Contextualized
interactions
Seamless
omni-channel
experience—
anywhere, any
time
Transparency
Access to
peer review
and advocacy
Product innovation is driving
loyalty programs today
Leveraging data analysis for
customized experiences
Technology innovations for loyalty programs include:
1.
Frictionless reward redemption, with cash back to consumers
2.
Card-linked offers or redemptions at the moment of truth
3.
In-the-moment service across channels: message, mobile, social
Innovative loyalty programs for CUs also:
1.
Incentivize desired behavior
2.
Gamify experiences
3.
Prevent commoditization
4.
Differentiate from mega-banks
5.
Have an impact on every aspect of the Customer Lifecycle
Unique
differentiator
for CUs:
Local focus and
community
relationships
Loyalty programs can deepen
community relationships
With the right loyalty program, the future is here:
•
CUs engage customers digitally
•
CUs generate additional non-interest income and deepen relationships with
both customers and local businesses
•
CUs can open the door to more commercial account acquisitions
•
Reward customers for keeping money in their communities
•
Provide local businesses customized marketing support and increased sales
from community members
•
Offer analytic insights for future business decision making
Any
questions?