FEATURE similar scheme called , ‘ Club Lloyds ’. Though , you must ask yourself , do we need to give banks more of our money ?
CitiBank ’ s loyalty programme runs on a pointsbased model , designed to reward customers for any type of activity that engages with the bank – using mobile apps , ATMs or any Citi credit cards .
The points can be redeemed on many different products : gift cards , flight and hotel bookings and purchases with Amazon and PayPal . Deutsche Bank ’ s ‘ express rewards ’ is similar .
Loyalty – a relationship business
While each bank is different by design when it comes to loyalty , there is one common theme – money . Loyalty programmes in the banking sector are focused on a transactional relationship : the customer transacts with the bank , who in return offer a limited selection of ‘ rewards ’.
This straightforward correspondence is not an effective method for building a loyal customerbrand relationship . It also highlights a well-known problem – banks have struggled to find the right balance of how-to best reward customers to promote retention and loyalty .
Loyalty in banking is ultimately a relationship business . Customers will only maintain such relationships if there is genuine value in doing so .
Achille Traore , CEO , White Label Loyalty
Each customer wants to be seen and interacted with as a unique individual ; banking
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