The second largest bank in the USA relies on the Currency Alliance platform to allow their premium credit card members to spend their points towards rewards and travel services provided by their strategic redemption partner. The ability to pay with points via Currency Alliance is enabling thousands of loyalty program members to obtain fantastic experiential rewards as a benefit for keeping the bank’s credit card top-of-wallet.
The bank’s customers appreciate the opportunity to use their loyalty value on a wide selection of the partners’ products and services. These partners are a curated selection of luxury brands, which excel at serving the high-end customers of the bank in a way that reinforces their loyalty, and their desire to earn more points from the bank by extending their financial relationship.
Over time, loyalty transaction volumes have grown by nearly 300% as more customers are obtaining the rewards that they really want – which motivates them to collect points in the first place.
By treating points more like money, brands can become more flexible in offering customers greater choice and freedom to realize the benefits that are most meaningful to them.
And the bank benefits from offering greater choice and freedom to its members by keeping them engaged and significantly increasing the transaction volume/value with their various payment cards, while capturing insightful data on how each member chooses to redeem their points for those products or services that are most meaningful to them. The byproduct is rich data that improves the profiling of members based on their lifestyle preferences, which in turn enables much greater personalization.
