BY SURE KAMHUNGA, 18 OCTOBER 2012, 15:15
FNB said on Thursday that its eBucks reward programme had enabled members to spend R2bn worth of redeemable points since its launch in 2000.
The programme now has 2.7-million members who have earned R2.7bn in eBucks rewards.
Banks are competing to launch rewards programmes to grow and retain market share as the battle for customers intensifies.
They are taking a leaf out of the books of retailers, where rewards programmes have become the norm.
FNB has led the big four banks to introduce rewards that customers can redeem at participating companies. The strategy was two-pronged: to retain customers and reward loyalty, said FNB CEO Michael Jordaan.
"eBucks is an industry leader and has proven to be a big success for FNB," he said.
Jolande Duvenage, eBucks CEO, said eBucks had changed the rewards landscape in South Africa.
Customers had spent R90m to buy fuel using eBucks since November 2009, she said.
Other banks' loyalty programmes include Ned Greenbacks, in which Nedbank clients can redeem the points they have earned on flights, car rentals, shopping vouchers, charity donations or Nedbank unit trusts.
Absa clients get cash-back rewards from certain retailers for using their Absa debit, cheque or credit cards at those partner stores.
Surveys conducted this year by firms such as Ernst Young and Accenture have shown that not only do banks need to have loyalty programmes, they have to be innovative and customise products for different market segments, and at the same time ensure they remain competitive on costs.
Transparency has also ranked high among characteristics consumers consider as they take greater control of their relationships with banks.
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http://showme.co.za/pretoria/business/business-finance/fnb-ebucks-members-have-spent-r2bn-in-rewards-says-bank/
