Customer loyalty programmes have been a major topic for many industries and salespeople long before digitalisation. Already decades ago, people tried to bind customers by means of loyalty programmes. However, digitalisation has had a strong influence on the dynamics of this trend. It has never been easier to communicate to customers, present them with a digital solution, register and track all their purchases. Especially the smartphone has contributed to this evolution.
This trend has spawned an incredible oversupply of loyalty programmes. And people fell for this offer by registering everywhere, downloading apps, and ordering loyalty cards. But times change. And today, a fancy loyalty card or cool app in the eye of the user is not as fancy as it was a few years ago, when the smartphones were born.
(Neo-)banks also rely on additional applications for customer loyalty - this must stop
As banks and neobanks fight to become “top of wallet” they look for several ways to differentiate themselves from the competition, one of those ways is loyalty programs with rewards, cashback or VIP treatment which might include the need of an app.
Nowadays, the phrase “there’s an App for that” gets thrown around constantly and that is not different when talking about ways to improve customer experience, but is downloading another app the way to strengthen the relationship with our users or are we just making their lives, and ours, more complicated?
If banks want to take advantage of new technologies, they need to be careful not to complicate things for customers and merchants, from long and tedious registration forms to costly and complicated employee training, these things might make a program fail because the effort required is way higher than the reward.
Apps lose their appeal! Times changed, the average digital couch potato now has a shorter attention span and less patience than 10 years ago when apps used to be hip. Paying for and installing an App, what was once a magical and smooth experience, is an act of commitment for many today. Nowadays there is a perceived installation-barrier coming up – users are seeking for simplicity and want to use an integrated solution.
Integrate as many solutions as possible in one app and your customers will be happy
Users are more likely to crave new features, added values, integrated into an already downloaded app than to download more of them. So, “increasing customer loyalty with simplicity” is desirable.
Let's talk about a concrete example that strived in giving customers a seamless experience by integrating everything in one and only application. Airlines have developed positively in this respect. Some years ago, users had to use several apps if they wanted via mobile to 1) search for a flight, 2) book a ticket and 3) collect air miles (customer loyalty). Today, only a few years later, this is often integrated in one app.
Reworth creates not just such a synergy with an integrated customer loyalty platform. We create added value for bank customers without them having to make any extra effort. No registration is required, no additional app, no additional card is needed (automatic cashback to the users credit/debit card account) and the biggest advantage: Staff at the sales outlets do not need to be informed about the cashback program by the user, as everything is fully integrated and runs automatically.
Simplicity is a key factor for us at Reworth, with that in mind we make sure that merchants have zero training time for employees as they just need to do the same thing they always do ensuring the success of the program from day one. For customers, they might not even know that they are about to get a cashback reward, this allows us to turn the positive surprise into loyalty towards the banks and merchants. All this without making customers download yet another app.
We are Reworth the largest rewards network in Mexico City
If you want to know more about how Reworth can help your bank become top of wallet get in touch with us here