Fintechs have made it easy for consumers to take advantage of new technologies that make life easier. Consumers like easy, but they also like shiny new toys.
Leading-edge innovators know that winning customers is never one-and-done. It’s a game of continual surprise-and-delight, or else feel the wrath of attrition. It’s much easier to grow your services within your current customer base than it is to secure net-new ones. This is why a platform that seamlessly integrates with your brand—and continually delivers on your brand’s promises—can be what sets you apart from the competition and paves your way to improved customer retention and loyalty.
A modern rewards program drives behavior—and revenue
A well-designed rewards program utilizes granular data so you can provide cardholders meaningful and personalized incentives delivered in a way that levels up the brand experience. This is how you get to be the go-to card in their wallet. In fact, according to Marqeta’s 2024 State of Payments Report, 46% of U.S consumers say rewards and cash back are the highest motivating factors in choosing the card to use.
Marqeta's program management capabilities can help expedite the process of launching card programs and rewards for your fintech company. By leveraging these capabilities, you can rapidly and efficiently introduce new rewards programs and launch card programs, allowing your customers to focus on their core mission of expanding their business while empowering them to maximize their profitability.
Here are some more specific benefits of implementing a modern rewards program:
- Drive traffic in a targeted way By building a program on a modern card issuing platform like Marqeta, brands can offer incentives and rewards at the stores they choose. This means they can drive traffic to a particular store by offering a greater reward at that location, or they can coordinate a promotion with a partner or partners. For example, a cryptocurrency company could reward spending by investing a small percentage of a large purchase into crypto.
- Boost card usage Personalized rewards can incentivize customers to use their cards more frequently. And the more a customer uses their card, the more you can earn on interchange fees. Another benefit of partnering with a modern card issuer is the ability to implement real-time accrual and redemption of rewards. This is vital, as 57% of consumers who have a card linked to a rewards program say rewards take too long to accrue.
- Enable data monetization from consumer insights Spending patterns and the data you'll be able to collect through your rewards programs can be analyzed to gain insights into consumer behavior, which can be monetized through partnerships or tailored marketing efforts.
- Create cross-selling opportunities for your current user base With that data in hand, you can then target your loyal credit card users for crossselling other financial products and services that your business offers, such as personal loans, insurance, or investment products.
In the world of fintech, being first to market matters. Ready to take your rewards program to the next level? Get our guide to greater customer loyalty.
