PayThink

Mobile pay apps help banks and credit unions seize the new loyalty market

Register now

A mobile solution that sits at the intersection of shopping, payments and banking can revolutionize the concept of loyalty, and banks and credit unions are well placed to spearhead this change.

These financial institutions can magnify retailers’ reach and capability to offer more frequent, relevant, interactive and visible solutions to consumers on mobile.

With good apps, customers can access personalized offers through the banking provider’s app, which means every time they earn rewards, find new deals and receive a helpful reminder of a bargain they do not want to miss, the financial institution gets closer to establishing their debit or credit card as the consumer’s number one card of choice.
Banks and credit unions need to recognize the potential of this and should not shy away from partnering with a fintech to make this happen. If they are willing to think out of the box, they can turn the disruptive force of fintechs into the source of their own innovation.

Consumers are ready to move on from static loyalty programs to more exciting ways to interact both with their favorite brands and banking providers. Banks and credit unions can lead the way and capitalize on this change with the help of fintechs that understand and view customer needs from a different perspective and can deliver this without an IT overhaul or their own finances suffering a blow.

Shoppers will increasingly favor those financial institutions whose mobile presence doubles up as a loyalty engine for relevant, useful and personalized retailer offers. As they deliver targeted shopping incentives, highlight available rewards and help consumers make intelligent financial decisions, banks and credit unions themselves will earn customer loyalty and increase transaction volumes.

Banking, payments and retailer offers coming together effortlessly on an app – this is the future of loyalty.

For reprint and licensing requests for this article, click here.
Loyalty and rewards Retailers Banking Credit unions Mobile wallets ISO and agent
MORE FROM PAYMENTSSOURCE