How Will FinTech Change the Way Challenger Banks Reward and Engage Consumers
Financial institutions are facing a challenge when it comes to engaging and retaining consumers. As new competitors are crossing over to the financial arena and providing new and easier experiences, consumers are breaking away from the traditional banking experience. As the leading FinTech company, FIS is uniquely positioned to offer loyalty solutions to all providers of financial services to consumers.
Instead of focusing on card-based rewards, which narrows a FI’s strategy to transactional, providers of financial services should focus on a tailored, holistic relationship rewards strategy. It’s time to implement a loyalty strategy that encourages product growth across the entire product suite and helps increase their overall portfolio. The redemption habits of today’s more sophisticated cardholders underscore a growing preference for cash rewards, “points as currency.” Today’s consumers expect three things from their loyalty programs: personalization, immediacy, and ease of redemption.
Speaker | Mladen Vladic, General Manager of Loyalty – FIS