Loyalty and rewards

Uber Technologies Inc. is rolling out a new rewards program starting Wednesday, offering its most loyal users cash back on rides, priority airport pickups and free phone support.

Users are not only more rational in their choice of card, but they are also investing time and effort to find ways to maximize their return from reward points, according to Simon-Kucher & Partners’ Wei Ke and Wenbo Li.

Instead of focusing on static rewards, card issuers should focus on more proactive and data-driven “rewarding.” This is a profound shift from a transactional strategy to a relational one, writes Kevin Grieve, North America Payments Lead for Accenture.

Credit unions enjoyed a boost to membership as consumers fled the big banks in the wake of the financial crisis. But they can't wait for the next global disaster to drive younger members into their arms.

As the gift card market grows and becomes increasingly digital, so has the product's utility. Thus, many consumers are shifting their habits and buying gift cards for themselves either due to an incentive program or to help with budgeting.

Customers can access personalized offers through the banking provider’s app, which means every time they earn rewards, find new deals and receive a helpful reminder of a bargain they do not want to miss, writes Mehmet Sezgin, CEO and Founder of MyGini.

Clearly communicating with customers on a powerful engagement platform is enough to increase customer confidence, writes Donika Kraeva, strategic communications manager at Dentacoin.

To combat this loyalty fatigue, retailers need to design their programs to be frequent, relevant, interactive and visible, writes Mehmet Sezgin, CEO and founder of MyGini.

Despite the fervor over mobile wallets and banking, one day consumers may never need to open a dedicated bank or payment app.

American Express has positioned itself as a small-business champion for decades, but its partnership with Amazon illustrates the paradox of supporting mom-and-pop shops by enabling them to buy supplies from their largest competitor.