Independent Banker - December 2020 - 24

PORTFOLIO
Consumers also don't think of their
rewards as having actual cash value, so
they don't see themselves as victims of
NOW ON DEMAND
Provide the Easy,
All-Digital Experience
Customers Demand -
in Less Than A Day
Featuring:
Tracy Fox
Chief Revenue
Officer
Featuring:
Karl Falk
CEO & Founder
Join us to learn how you can
make the entire banking experience
for your customers easier
than it was to visit a branch.
Make life easier for your employees
and close transactions
50% faster. AND, do it without
any changes to your current
systems or processes.
fraud if their points are stolen.
" There are billions of rewards points
available for purchase on the dark
web totaling more than $50 million, "
she says. " And with the decline in
travel, those points are sitting inactive.
Encouraging clients to remain active
by adjusting your redemption programs
to items like streaming services
and household goods could re-engage
your customers. "
A benefit customers count on
When the world seems bleak, getting
a little something for their commitment
is not just a welcome benefit but
increasingly one that consumers count
on. " Loyalty programs are everywhere
and are becoming an expected component
of relationships between the
consumer and a business, " says Doug
Brown, senior vice president and general
manager of NCR digital banking
at NCR Corp. in Atlanta.
" The biggest advantage that financial
institutions have is the amount
of data that they are able to collect
about their users, " he adds, " allowing
them to provide personalized loyalty
programs. " He also points out that,
during economic downturns, this data
is important in helping community
banks provide assistance via these
programs to those who may need it.
Tying rewards to digital usage could
also nudge branch-based customers to
What rewards do bank
customers want now?
REGISTER TODAY!
To register and view our full
library of free on-demand
webinars, visit the Independent
Banker Webinar Center at
Independentbanker.org
What rewards do bank
customers want now?
 Streaming services
 Household goods
 Groceries or food delivery
 Store gift cards (e.g., Target,
Home Depot)
" When times are
hard, even if it's a
small amount of
interest earned or a
couple of dollars on
an ATM surcharge
refunded, it can add
up over time. "
-Johnny C. Branch,
All America Bank
embrace online and mobile channels,
creating a long-term cost savings for
banks. Malcolm Cohron, national
digital transformation services leader
at BDO Digital, headquartered in
Chicago, says that " competition for
new customers is fierce, and banks that
lack mature digital offerings will be at
a disadvantage. That could force those
financial institutions that lack mature
digital capabilities to offer more
attractive incentives to new customers,
in order to compensate. "
Community banks can reduce
costs by improving and streamlining
touchpoints and interactions with
local customers, according to Christian
Murray,
executive vice president
for prepaid card services at JNR
Incorporated in Irvine, Calif.
He adds: " Bank loyalty programs
continue to deliver value and loyalty to
their customer base even under today's
downturn of consumer spending and
up against the evolving hindrances of
the COVID pandemic. "
Karen Epper Hoffman is a writer in
Washington state.
http://www.Independentbanker.org
Independent Banker - December 2020

Table of Contents for the Digital Edition of Independent Banker - December 2020
