Fiserv Launches Enhanced Relationship Rewards for Premier, Now with Loyalty Points
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Relationship Rewards for Premier integrates with UChoose Rewards from
Fiserv, which offers a wide array of online point redemption options
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Enables banks to develop tailored rewards programs that attract and
retain accounts by recognizing the entire banking relationship
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Southern Community Bank and Trust exceeds new account goals, realizes
2.5 times greater retention levels than average for customers enrolled
in rewards program
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ:FISV), the leading global provider of financial services
technology solutions, today unveiled enhanced features and capabilities
for Relationship Rewards for Premier® bank platform, a
solution that provides flexible incentives to recognize and reward a
customer's entire banking relationship. Part of its strategy to help
banks and credit unions cope with current regulations that impact
profitability, Relationship Rewards from Fiserv cultivates customer
loyalty and "stickiness" by rewarding bank customers who meet selected
criteria. Relationship Rewards is available for the Premier bank
platform from Fiserv.
The patent-pending design of the newest version of Relationship Rewards
for Premier enables banks to choose how to reward profitable customer
behaviors, relationships and activities. Financial institutions may
reward customers for their product relationships, balances, electronic
statement delivery, mobile banking, bill payment, direct deposit, point
of sale transactions and more. The reward may include bank-fulfilled
benefits, such as premium interest rates, refunded fees, rebates or
waived services changes.
Using Relationship Rewards loyalty points and UChoose
Rewards®, separately licensed components of the solution,
banks can award points for a wide array of redemption options. Now fully
integrated with Relationship Rewards, UChoose Rewards from Fiserv is a
debit and credit card fulfillment program that enables customers to
redeem points through a user-friendly website for goods and services,
including merchandise, gift cards, travel, event tickets and cash back.
Southern Community Bank and Trust in Winston-Salem, N.C., is using
Relationship Rewards to reward customers who meet specific criteria for
electronic banking and debit card usage. Since launching Relationship
Rewards in January 2008, the bank now has over 7,200 accounts, which has
exceeded its initial projections. For customers enrolled in the rewards
program, retention is 2.5 times greater than the average for other
Southern Community Bank and Trust accounts, and bank earnings are twice
that of its traditional checking account.
"I would say it has been the most successful product launch in our
bank's 15-year history," says Jeff McDowell, Senior Vice President and
Director of Retail Banking for Southern Community Bank and Trust. "This
approach has helped us bring in hundreds, if not thousands, of new
relationships to our bank. And, by rewarding items like e-statement
usage, debit card purchases, online banking and direct deposits, we are
incenting customer behaviors that impact our bottom line."
Because no single customer loyalty program will resonate with all
customer segments, Relationship Rewards acknowledges many kinds of
behaviors, enabling banks to customize their solution and offer multiple
programs to attract and serve a diverse customer base. Through
Relationship Rewards, Fiserv offers several turnkey rewards programs,
including targeted benefits for Generation Y customers and small
businesses. By assigning the right reward program to the appropriate
customer segment, banks are able to take advantage of new revenue
opportunities.
"Relationship Rewards helps financial institutions build trust and
goodwill to drive account acquisition and boost customer retention,
while replacing revenue lost to regulation," said Doug Shum, product
manager, Risk & Performance for Bank Solutions at Fiserv. "A solid
reward program is about more than handing out goodies — it's about
encouraging behaviors that generate revenue and cultivate customer
loyalty."
Additional Resources
About Fiserv
Fiserv, Inc. (NASDAQ:FISV) is the leading global provider of information
management and electronic commerce systems for the financial services
industry, driving innovation that transforms experiences for financial
institutions and their customers. Fiserv is ranked No. 1 on the FinTech
100 survey of top technology partners to the financial services
industry. For more information, visit www.fiserv.com.
FISV-G
For more information contact:
Media Relations:
Wade
Coleman
Director, Global Communications
Fiserv, Inc.
678-375-1210
wade.coleman@fiserv.com
or
Additional
Fiserv Contact:
David Carden
Senior Vice President
Bank
Solutions
Fiserv, Inc.
402-421-4211
david.carden@fiserv.com
Source: Fiserv, Inc.
News Provided by Acquire Media
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