2020 Foresight Report: Retail Bank Loyalty Programs
Synopsis
The report provides market analysis, information and insights into retail bank loyalty
programs:
Provides a global snapshot of loyalty programs adopted by retail banks in developing and
developed economies in the banking industry
Analysis of retail bank loyalty programs trends and drivers and key operational
opportunities and challenges faced
Detailed analysis of loyalty program product and marketing strategies globally
Analysis of loyalty program customer targeting and marketing strategies adopted by
leading retail banks operating in various markets
2020 Foresight Report: Retail Bank Loyalty Programs
To Brows a Full Report with Toc: http://www.researchmoz.us/2020-foresightreport-retail-bank-loyalty-programs-report.html
Executive summary
Loyalty programs have emerged as one of the key marketing tools in the global retail
banking industry. Retail banks offer a number of loyalty programs in developed economies,
however many of these are commoditized. This has compelled banks to introduce
innovative programs in order to remain both competitive and profitable.
There is also an increased pressure on costs due to new regulatory trends in last five
years. Loyalty programs are being viewed as an important revenue-driving tool and have
been proven to reduce customer acquisition costs. Retail banking in emerging economies
is still in its developmental stages, as illustrated by its relatively low loyalty program
penetration rates.
Traditionally, banks and other card issuers have offered reward programs based on a
customer income level and demographic profile. Banks are now segmenting customers
based on their lifestyle choices and purchasing behavior. The use of analytical tools to
better understand consumer spending patterns and offer personalized reward programs
has increased in terms of adoption rates. The approach allows card issuers to launch
customized rather than...