Card Rewards Evolve: Personalisation, Partnerships, Digital Focus

Delivery

This report comes in PPT.

Key findings

Experiences and personalisation

Consumers have higher expectations from credit card reward programmes as competition and investment has increased. There is a clear preference for experiential rewards, unique access and better travel benefits.

Brands and partnerships are essential

Consumers want their most trusted brands to be part of the reward process. Co-branded credit cards present opportunities for consumers and the merchants and can leverage the brands’ relationship with the consumer.

Rewards and loyalty must be digitally adaptive

An effective digital redemption and monitoring platform has become expected by consumers. Consumers want to be able to apply their benefits at the checkout or want to have a choice in how they fund a transaction.

Multi-tiered demand from consumers

Rewards and loyalty programmes with tiers are effective at motivating consumers to utilise a particular card for a purchase. Additionally, consumers have shown that they are willing to pay for additional benefits as long as it clear and transparent.

Outstanding customer service is an expectation

From customers who pay to adopt a higher tier of rewards to customers who have the basic level of rewards, better customer service is expected. Companies that go further and help customers maximise rewards are benefitting from greater customer engagement.