Banks and Rewards: What Price Loyalty?
A PaymentsSource/SourceMedia Research survey of executives at banks with rewards programs helps shed light on the state of the market. While the price war has centered on premium cardholders and coveted cobrand portfolios, it has been broadly felt. Banks are highly attuned to competition from other banks, but appear less responsive to nonbank rivals. Some are embracing a wide variety of approaches – and those leveraging mobile report a lift from the channel – but many are sticking with conventional programs.