Keybank Expands Customer Rewards

by Mercator Advisory Group 0

At a time when many competitors are eliminating or de-emphasizing their customer rewards programs, KeyBank is launching a new and expanded program that will reward customers for taking advantage of Key’s full range of services.
KeyBank Relationship Rewards will be Key’s exclusive customer rewards program. The expanded program will reward customers for using a variety of services from debit card payments to automated bill paying.

“Above all else, Key is a relationship bank, and we want our customers to view Key as their primary bank,” said Bill Koehler, president, Key Community Banking. “To fulfill that role, we offer the product variety and flexibility to meet a wide range of our customers’ needs, and we will now reward our best customers for using those services. KeyBank Relationship Rewards focuses on the total relationship rather than just a single activity such as debit card spending. This differentiates Key from many of our competitors who are scaling back their rewards programs.”

As financial institutions continue to search for ways to deepen relationships and increase revenue opportunities, loyalty programs can present a means for them to differentiate their products and services to customers. Programs that focus on the total relationship, and not just transactional activity, will likely be most valued by customers.

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