Bank of America Changes the Game With Preferred Rewards

by Edward O'Brien 0

Preferred Rewards, a groundbreaking program thatrecognizes and rewards clients for choosing Bank of America for more of theirbanking and Merrill Edge for their investment needs, is now available forclients in Michigan, Illinois, Tennessee, North Carolina, Georgia and Florida.These states are within wave three of a four-wave national rollout of theprogram that began in June and will be completed by the end of September


“Preferred Rewards is the firstprogram of its kind to offer clients benefits and rewards for everydaybanking,” said Dean Athanasia, president of Preferred and Small BusinessBanking and co-head of Consumer Banking at Bank of America. “It is the resultof deep client research to develop and deliver a simple program that providesclients benefits and rewards they will actually use, and shows them how much weappreciate it when they choose to do more business with us.”

Banks and creditunions have long been aware of the value that rewards programs have on theircustomers and members, particularly with their credit card programs. More recently, an increasing number offinancial institutions are realizing that rewards and loyalty programs can haveon a wider array of banking products and services. FIs are anticipating a larger share-of-walletand increased loyalty with these programs, as well as the potential for greaterpenetration in the wealth management market.

Overview by Ed O’Brien, Director, Banking Channels Mercator Advisory Group

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