SunTec partners with Loylogic to turn customer data into loyalty points for banks
SunTec, the leading provider of revenue management and business assurance solutions to Financial Services firms, today announced its partnership with Loylogic, the world’s leading innovator and creator of points experiences, insights, commerce and engagement.
According to a leading market research agency, in a volatile market, more than 50% of consumers will be changing their primary banking service provider within the next six months. This global partnership provides banks with the capability to simplify end-to-end loyalty program management. This involves crafting contextual loyalty programs, rewarding customer or merchants based on specific usage patterns and their relationship with a banking service provider and finally providing them a superior redemption experience. Banks can now offer a near real-time platform for customers to use accumulated rewards which allows service providers to build personalised unique reward programs and enhance customer retention.
With its experience of serving over 300 million end-users worldwide, SunTec’s product suite Xelerate will provide the complex functions to drive campaign creation, simulation, the setup and maintenance of customer loyalty programmes. Loylogic has worked with the biggest brands in the airline, hospitality telecom and financial services industries and this partnership will complete the end-to-end offering by managing the entire reward and collect experiences for program members.
Nanda Kumar, SunTec CEO, said: “There is no better way of telling your customers you care about them than to offer services which are relevant to them and rewarding them for the relationship. Facing fresh challenges from non- banking digital disrupters, traditional Financial Services providers must maximise their competitive advantages, by leveraging the intelligence which lies in their customer relationship data, to drive quicker and right decision-making. SunTec’s partnership with Loylogic aims to help banks design, launch and manage loyalty programs which deliver personalised rewards through mobile and online channels.”
Dominic Hofer, CEO and Founder of Loylogic, said: “We are excited about this partnership, the first of its kind in the Financial Services industry, as banks are starting to realise the importance of an integrated loyalty solution. There is an overabundance of good customer intelligence locked away in technology silos which can make a difference between winning a customer and losing one. Loylogic’s experience will help banks to unlock this potential: We design magnetic points experiences which will help banks to drive the Member Lifetime Value and put also a huge smile on the face of program members.”
With this new tie-up, banks can accurately launch relevant and profitable campaigns based on parameters like customer segment behavior, card usage, deposit balances and customer profitability.