Start the journey
Discover how to redefine and enhance your customer loyalty strategy, generating brand advocacy and increasing customer lifetime value across your entire product suite.
FIS LOYALTY ENGAGEMENT SOLUTIONS
Transform rewards into an engagement strategy that drives loyalty
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Conclusion
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FIS: Your trusted loyalty partner
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Unpacking the loyalty packages
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Transforming rewards into meaningful relationships
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Navigating the complexities of loyalty
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NAVIGATING THE COMPLEXITIES OF LOYALTY
Did you know?
Jonathan Silverman Director of insurance solutions, Microsoft
FIs must navigate these complex dynamics, understanding that loyalty is no longer just about offering points or cash in exchange for transactional usage. It’s about creating a differentiated, value-added engagement experience that resonates with the modern consumer's needs and lifestyle.
But as the modeling environment gets more complex, models become more costly to build and run.
With more calculations to make and more detailed reports with shorter timeframes, actuarial models must be both sophisticated and efficient.
To deliver on all fronts, you need peak performance without driving up costs.
Financial institutions of all sizes grapple with significant challenges in cultivating and maintaining customer loyalty. The competitive pressure is immense, with fintechs, neobanks and digital banking platforms offering personalized services and innovative solutions that traditional FIs struggle to match. The competition transcends verticals as every industry, from retail to travel, influences how and when customers choose to pay. Customers demand seamless, tech-driven experiences across all touchpoints. Loyalty is no longer just about offering points or cash in exchange for transactional usage, but creating a differentiated engagement experience that resonates with consumers’ needs and lifestyles.
Insurance companies are more aware than ever of the wealth of information at their disposal. Their ability to extract value from data using advanced analytics has become critical to competitive advantage.
For actuaries, the pressure is on to gain greater insights from big data and rapidly transform modeling results into business intelligence.
- 2024 Loyalty Trends and Perspectives Report, Loyalty360
Measuring the impact of loyalty programs is evolving, with 89% of brands adopting a multi-dimensional view of success. Beyond transactional metrics, emotional engagement and brand advocacy are increasingly recognized as vital indicators of loyalty program effectiveness.
89%
MLADEN VLADIC Head of Products and Services for Loyalty
If there’s one trend to call out, it’s the rise of emotional loyalty. This is not necessarily a new idea. It’s been out there for a while, but it’s becoming increasingly relevant as more brands realize that simply focusing on transactional-based loyalty is becoming more challenging to stay relevant to changing consumer preferences.
TRANSFORMING REWARDS INTO MEANINGFUL RELATIONSHIPS
75%
FIS® has redesigned our entire product suite of loyalty rewards solutions into four distinct packages: Offers Only, Turnkey, Personalized and Premium. This strategic realignment focuses on transforming the conventional cardholder experience, while keeping our solution set accessible for financial institutions of all sizes. Each package is designed to cater to different needs and preferences to enable a more tailored and engaging experience that truly rewards a customer’s loyalty to their financial institution, above and beyond the transaction.
Most risk and regulatory calculations happen at peak times, such as quarter and year ends, when systems may need five times more computing power than in quieter periods. Leaving infrastructure sitting idle for 75 percent of the time and charging you for the privilege.
And all the while, you’ll need to keep taking care of both the hardware and the software that it’s running, as well as managing all the operational risk. Plus, while your staff may get to know the system, when they move on they take their expertise with them.
In 2024, the landscape of customer loyalty is being transformed by a focus on incremental program enhancements and an overarching emphasis on enriching the customer experience.
UNPACKING THE LOYALTY PACKAGES
30%
43%
David Elliott Architecture manager for financial services, Amazon Web Services
For insurers, the question isn’t "if" (they will migrate existing applications to the cloud) – it’s how fast they can move and what are they going to move first?
Are you ready to join the highest flyers?
According to FIS’ research, 43 percent of the fastest-growing insurance companies have migrated one or more mission-critical applications to the public cloud, compared to just 30 percent of the rest of the industry.
Dive into the core of our offering as we unveil FIS’ Loyalty Engagement Solutions Packages. From "Offers Only" for starter cards and smaller FI programs to the "Premium" custom offering white-labeled and embedded directly into your existing banking experience, discover the intricate details and components of each package, providing a clear pathway to a loyalty strategy that increases customer lifetime value.
But beyond lockdown conditions, there are more reasons than ever to run your organization’s most powerful systems in the cloud.
In 2020, unprecedented global circumstances have shown us all the benefits of hosted IT for business continuity and remote working.
Offers Only
Learn about our consolidated offering that simplifies loyalty with merchant-funded earn and a compact redemption suite.
Explore our complete end-to-end ScoreCard® branded platform offering that integrates seamlessly within your existing banking experience.
Turnkey
Discover how our end-to-end loyalty solution can be personalized to offer a loyalty experience that meets your customer’s specific needs with unparalleled precision.
Personalized
Understand the unparalleled value of our best-in-class product bundle that closely examines an FI’s customer base down to the account level for optimized targeting. Redefine rewards and drive engagement above and beyond the transaction to keep your relationship top of mind in all the moments that matter most.
Premium
Chief risk officer Major insurance company
The accommodation of large data sets, highly demanding algorithms and the hardware for instant computational resources make the cloud ideal for large-scale data analysis.
FIS: YOUR TRUSTED LOYALTY PARTNER
Deliver speed and scale
Save time
Eliminate risk
Partnering with FIS offers FIs a significant competitive edge in their loyalty strategy. As FIS operates at the heart of the engagement ecosystem, serving both merchants and financial institutions, it offers unparalleled insights into the payments landscape. This strategic position enables FIs to drive revenue growth and enhance retention effectively. FIS' offerings, known for their flexibility, innovation and unmatched global expertise, are tailored to meet the needs of financial institutions of all sizes, ensuring they stay ahead in the loyalty game.
Hear it first from the Head of Products and Services for Loyalty on leading loyalty trends for 2024 in this tell-all interview: LOYALTY360 LOYALTY LIVE INTERVIEW
Hand every aspect of complex modeling technology to an expert provider and you'll reep the benefits:
Shape tomorrow’s loyalty strategy
As you flip through the pages of this guide, remember that the potential to transform your loyalty offerings into a compelling tool for customer engagement and retention lies with choosing the right partner. We invite you to envision the future of cardholder engagement. A future where loyalty goes beyond transactions, fostering genuine connections nurtured by memorable experiences and rewards that resonate.
EMPOWER YOUR FUTURE WITH FIS LOYALTY ENGAGEMENT SOLUTIONS
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©2024 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners.3322754
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FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, absolute performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index.
About FIS
©2024 FIS. Advancing the way the world pays, banks and invests™ FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 3322754
