About Retail Bank Loyalty Program
The loyalty programs are the marketing strategies which are designed to encourage customers to use the services of a business. A retail bank loyalty program is one of the important tools for retail banking industry. There is rapid growth of banks which is making a competitive situation in industry. Hence, the marketing strategies for retaining customers are becoming diversified including loyalty program strategy. The strategy is also being considered as an important revenue driving tool. It offers various number of loyalty programs but they are commoditized.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Retail Bank Loyalty Program market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Maritz (United States), FIS Corporate (United States), IBM (United States), Aimia (Canada), TIBCO Software (United States), Hitachi-solutions (Japan), Oracle Corporation (United States), Comarch (Poland), Loyalty Lab (Netherlands), Exchange Solutions (Canada), Bpm’ online (United States) and Customer Portfolios (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Retail Bank Loyalty Program market by , Application (Customer retention, Customer loyalty and Channel loyalty) and Region.
On the basis of geography, the market of Retail Bank Loyalty Program has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Solutions will boost the Retail Bank Loyalty Program market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End users, the sub-segment i.e. Personal User will boost the Retail Bank Loyalty Program market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Program Type, the sub-segment i.e. Refer a friend will boost the Retail Bank Loyalty Program market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Analytical Tools for Offering Customized Reward Programs
Market Growth Drivers:
Increasing Emphasis on Marketing Strategies in Banking Sector and Increasing Competition in the Industry
Challenges:
Stiff Competition May Hamper the Market Growth
Restraints:
Stringent Government Regulations for Banking Sector
Opportunities:
Personalization in Loyalty Programs is Leading to Adoption by Customers and Increasing Importance of Customer Insights to Predict Customer Intents
Market Leaders and their expansionary development strategies
In October 4, 2023, Citibank announced its acquisition of Barclays US Credit Card Business, a significant player in the credit card loyalty space. This acquisition will expand Citibank's loyalty program, Citi ThankYou Rewards, and provide access to a broader customer base.
In October 2023, Wells Fargo announced the launch of its revamped loyalty program, offering enhanced rewards and benefits to its customers. The new program, titled "Wells Fargo Rewards," provides customers with points for everyday banking activities, such as using debit cards, making online bill payments, and maintaining account balances. These points can then be redeemed for a variety of rewards, including cash back, travel rewards, and merchandise.
Key Target Audience
Banks, Loyalty program solution providers, Government associations, Research organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.