Study: Banks Have Room for Improvement with Customer Rewards

Just half of consumers who are members of financial services loyalty programs say they actually feel rewarded when redeeming loyalty rewards, according to a recent study by Collinson Latitude. The study, which surveyed consumers from around the globe, found that a majority — 77 percent — prefer programs that offer them more rewards options. More than eighty percent said they perceive that the value of their program decreases when given only a limited range of rewards to choose from.

In addition to more choices, consumers also seek more opportunities to engage with their programs in the ways that are most convenient for them, the study found. For example, sixty percent said they would prefer programs that allow for redemptions both online and in stores, and two-thirds said they specifically look for programs that offer that option when choosing a loyalty program. Forty-five percent said their current rewards program could be improved with a simpler user experience, and 44 percent said that being able to combine points and cash would be an improvement.

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