Regions Retools Card Rewards to Help Its Non-Card Offerings

by Mercator Advisory Group 0

Businessman touching a dashboard with key performance indicator

Regions Bank is buildingon relationship loyalty by expanding opportunities to earn points on a scaleequivalent to consumers use of banking services.

The kicker is allowing consumers to use theirpoints to pay for everyday banking charges.

American Express and Chase allow points to be used to pay for purchases,so why not any other expense?

Thequestion is if these strategies will motivate consumers to view points as‘spend’ and therefore increase the value of the program?

Customers who use services such as online bill-pay andonline banking and maintain minimum combined balances in their checking,savings or money market accounts can earn monthly bonus points. They can alsoredeem the points for safety deposit box rentals, wire transfers, overdraftfees, as well as standard gift card and merchandise selections.

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