Back Learn how financial institutions can achieve growth and foster loyalty through travel rewards programs by downloading our white paper. Financial institutions, such as banks, credit unions, credit card, and insurance companies, strive to create loyal customers who trust them with sensitive information for years to come. However, competition is fierce, and loyalty programs are crucial to increase brand appreciation and purchase frequency. Financial institutions face numerous challenges in customer retention and new customer engagement.
Enrollment in financial institution loyalty programs is often limited. To become a member, people need to be active customers. Customers generally turn to them during a transaction or renewal. Travel rewards and loyalty programs are a way for financial institutions to show customers that their relationship with them is a priority. However, many financial institutions don’t offer travel benefits, according to an arrivia survey of 2,150 Americans conducted between December 2021 and January 2022. Loyalty programs can increase revenue from customers who redeem points by 15% to 25%. Offering points-plus-cash options within loyalty programs can increase point redemption.
Successful customer loyalty programs give customers perks and rewards unique to other companies and become reward/revenue win-wins for groups and consumers. A customer loyalty program should be easy to understand from a customer’s perspective.
Finally, personalization enables differentiation by offering the best benefits to the most valuable customers or those with high potential. Financial institutions should consider offering capabilities in-house under their digital banner to increase engagement, inspire member loyalty and uncover new revenue opportunities.
Utilizing a company that provides a white-label travel platform can bring a robust travel rewards program to fruition. A white-label travel platform solution, such as the one offered by arrivia, allows a financial institution to establish and market a travel booking platform with customized programs for their customers.
To read the full white paper, click here.
