New survey sheds light on perceptions (and misconceptions) of loyalty programs

first_img 14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Lydia Hattrup Lydia Hattrup brings an extensive background in branding, product and database marketing to her role at Buzz Points. She’s spent the last several years building data-drive local marketing strategies … Web: buzzpoints.com Details Misconceptions abound among credit unions not offering debit rewardsSome rewards programs are under-delivering on benefits, especially beyond retention and revenueGetting More than Loyalty from Loyalty ProgramsWhat members call rewards programs are generally called loyalty programs from the financial institution’s perspective. Not surprising as increased loyalty – via more products utilized and being the primary payment card used for transactions – is a primary goal of such programs.This should be the tip of the iceberg.Among issuers satisfied with their debit card rewards program, there is little variance on what is pleasing them. It’s no surprise that revenue and loyalty are top reasons, but somewhat surprising is the altruistic winner: the value it provides members.“The loyalty it creates” (91%) and “value for our members” (88%) were nearly tied for credit unions ranking it in their top three reasons for satisfaction (with “generating revenue” in the ballpark at 70%). But adding value to members rises to the top by gaining 59% of first-place votes, with revenue a surprisingly distant second at 22%.Support, marketing, and data insight scored remarkably low. Suggesting that some rewards providers are underperforming in the delivery of these services. Ongoing engagement programs, in-depth data analytics, and cardholder support are key components that credit unions should seek from their rewards provider. Since they are proven to drive greater success, it should be part of the ROI for credit unions.Many Concerns Are Missed OpportunitiesAmong credit unions not offering loyalty programs, 53% are at least somewhat likely to add such a program in the next twelve months. Those credit unions are, for the most part, seeking what current institutions offering rewards are satisfied with. But what’s holding back nearly half of credit unions?Nearly half of decision-makers (46%) cited integration with their core as a significant concern. This suggests that rewards providers need to do a better job communicating the implementation process, as many do not even require a direct core integration, operating from much simpler data reports.Unsurprisingly, “the cost of the program” was at the top of the list, with 88% including it in their top three concerns and 45% citing it as their #1 concern. This again suggests loyalty programs are not viewed in a holistic sense. Even looking beyond the revenue gains, a well-managed loyalty program should provide actionable data analytics that typically only the largest financial institutions can afford.Perhaps the biggest missed opportunity however is simply awareness. The survey presented hard-hitting research stats demonstrating consumers strongly expect banking rewards, and make decisions on where to do their banking and which payments card to use based on the rewards offered. In each case well more than half of respondents were not aware of this fact.The “Banking Rewards” survey uncovered that greater awareness and understanding of loyalty programs changes the priority level credit union decision-makers assign to investing in a program.More insights, results, and eight data charts are available in the accompanying white paper, “Banking Rewards: Perceptions and Awareness among Credit Union Executives.” Consumer demand for debit rewards programs are on the rise. In fact, repeated surveys find rewards as the highest-ranking priority for consumers choosing where to bank.1 Yet 61% of credit union decision-makers are unaware of this fact.This is but one of the illuminating insights uncovered in the new “Banking Rewards: Perceptions and Awareness Survey” delivered by CUNA Strategic Services and Buzz Points. Some common threads permeated the survey’s results:Credit unions currently offering debit rewards are largely satisfiedYet even they are missing tremendous opportunities to gain more valuelast_img read more

Democratic Party declares support for Jokowi’s son in Surakarta mayoral race

first_imgRead also: PDI-P may pair Gibran and Achmad for Surakarta mayoral raceMeanwhile, the Prosperous Justice Party (PKS), National Awakening Party’s (PKB) and United Development Party (PPP) have also openly showed their support for Gibran’s election bid.Gibran is not the only presidential relative gearing up to run the upcoming regional elections – Jokowi’s son-in-law Bobby Nasution is also seeking support for his own mayoral bid in Medan, North Sumatra.Gibran and Bobby’s planned runs have triggered concerns that the former Surakarta mayor is building up a political dynasty, an accusation that Jokowi has denied. (hol) Read also: Jokowi vows he ‘won’t be campaigning’ for son, son-in-law in upcoming mayoral races Topics : The Surakarta chapter of the Democratic Party has declared its support for President Joko “Jokowi” Widodo’s eldest son, Gibran Rakabuming Raka, in the upcoming Surakarta mayoral election in Central Java. Supriyanto, the head of the Democratic Party’s Surakarta chapter, said the party decided to back Gibran because he was a young figure who they believed could carry out programs quickly and on target.“We support him unconditionally, because we want a fresh government,” Supriyanto said on Wednesday as quoted by kompas.com.center_img He said that former president and Democratic Party chairman Susilo Bambang Yudhoyono had also expressed his support for Gibran through the party’s Central Java provincial chapter.“We have given assurances to the people of Surakarta that Gibran is capable of leading the Surakarta administration,” Supriyanto added.Interviewed separately, Gibran said he would take all the help that he could get. “I welcome all the support, from the parties, volunteers, citizens and everyone,” Gibran said.Besides the Democrats, Gibran has also courted the support of his father’s Indonesian Democratic Party of Struggle (PDI-P), which is considering pairing Gibran and Surakarta Deputy Mayor Achmad Purnomo, who had been tabbed as the party’s nominee before Gibran threw his hat into the ring.last_img read more

Sarajevo: Promotion of Women Football

first_img(Source: Fena) The Foundation CURE in cooperation and with the support of the Helsinki Citizens’ Assembly Banja Luka, organized a street action” Promotion of women’s football and the Champions League for Women in 2014.” The promotion was held yesterday on the square in front of the BBI Center in Sarajevo.The aim of the promotion was to promote women’s sports, particularly women as players in football. The organizers emphasized that this is important because the current situation of female players in Bosnia and Herzegovina is far from ideal.On the promotion, the members of ŽNK SFK 2000 were playing football and performed interesting moves with the ball. In addition, they engaged in informing people about women’s football in Bosnia, their club and the Champions League for women.The participants of Small school of football also took part and showed that age does not matter and how football could be played by all women and girls, regardless of age.last_img read more

Tuesday January 14th “The Midday Report”

first_imgListen to “The Midday Report” from Tuesday January 14thlast_img