Danversbank ups loyalty rewards to encourage debit card use
Danversbank, a Massachusetts-area savings bank with 17 branches, has added to its three-year-old customer loyalty program with new software from Metavante Corporation. The goal is to encourage use of the Danversbank debit card and other Danversbank offerings.
With Metavante's Points2U Plus, Danversbank will award bonus points to cardholders for shopping at partner retailers and for participating in seasonal promotions. The new program will also offer rewards points to cardholders for using other Danversbank services. Points can be redeemed online or through a Points2U call center for gift cards, merchandise, travel and special downloads.
“Points2U Plus provides the capacity to tailor Danversbank's rewards offering to effectively create the customer loyalty that rewards programs are meant to deliver, and most importantly, allows our customers to realize additional value from their everyday purchasing behavior,” said John Carroll, SVP of Operations at Danversbank, in a statement.
Affinity Solutions provides the analytics, customer service and retail recruitment for Metavante loyalty rewards programs. The bank has worked with Metavante since 2006 to power its debit card-based rewards program.
As financial institutions try to weather the economic storm and regain consumer confidence, more bank loyalty programs may spring up, and existing ones may be more heavily promoted. Chase Card Services, for instance, launched its new Sapphire and Sapphire Rewards cards last week with a multimedia blitz that included online ads, TV, print, events, PR and direct mail.
“Financial institutions increasingly look to payments revenue to maintain market leadership,” said Frank D'Angelo, group president, Metavante Payment Solutions, in a statement. “As rising card activation rates and transaction volumes grow in importance, so too does the ability of a rewards program to attract, retain and improve the loyalty of cardholders.”