It feels good to be rewarded. Members and potential members have many choices when selecting their primary financial institution. So how can credit unions stand out from the pack? By implementing a member-focused rewards program designed to build strong relationships!
1. It’s All About the Experience
Simple and intuitive rewards programs capture member interest. Members rely on a financial institution in order to complete their day-to-day tasks. By getting something tangible in return for the transactions they complete, members are more likely to promote your credit union to their own top-of-wallet, primary financial institution status. Rewards should be easy to access and tailored in the type of rewards members can receive. These could be in the form of higher yield dividends, ATM fee refunds, cash back, or something unique that resonates with your specific field of membership.
2. Rewards Programs are Popular
Across industries, consumers are participating more and more in loyalty programs. In the retail industry alone, 77% of consumers now participate in a loyalty program. But unfortunately, consumers are happier with their retail rewards programs than they are with those in place at their FIs. Rewards programs can be a differentiator in the financial services space, yet only 31% of consumers report having received “great service” from their financial rewards program. 70% say a rewards program at their financial institution would have a “major impact” on their purchasing decisions. This means a huge opportunity exists for credit unions to offer strong, accessible, and effective rewards programs.
3. Make New Friends, But Keep the Old
Rewarding your loyal members helps keep them engaged and provides them with tangible incentives to make your credit union their primary financial institution. But advertising your rewards program also can be a cost-effective tool in recruiting new members. Keeping in mind that it costs five times more for a brand to attract new customers, offering a strong rewards program is a one-two punch for both recruitment and retention.
4. Build Trust
We are the People Helping People industry. Forging and strengthening relationships is literally the foundation that credit unions are built upon. Rewarding members for completing tasks defined by your credit union gives something tangible back to them for being loyal and regularly using your products and services. A rewards program offers a touchpoint opportunity to connect on a more personal level with members. Inserts, eRewards notifications, and other communications can celebrate their rewards success while keeping them engaged and enthusiastic about your credit union!
Select Synergent Rewards
We are pleased to launch Synergent Rewards, a core-based, turnkey rewards program that was designed with members in mind.
“Synergent Rewards makes it simple to improve the financial lives of members by rewarding beneficial behaviors,” shared Doug MacDonald, Synergent’s Vice President of Marketing Services. “This manageable solution helps retain members while increasing product utilization through a rewards program that is simple to understand.”
Synergent Rewards is built on the Symitar® Episys® core platform. Because it ties to your credit union’s own core data, no additional servers, third-party file transfers, or end-of-month staff time is required.