Travel club offerings are the best form of loyalty program used by financial institutions to entice their customers with exclusive rewards and benefits. From co-branded credit cards to bank cards, every financial service provider is using the appeal of loyalty club to offer member-only benefits and generate new revenue streams.
Custom Travel Solutions help in augmenting consumer loyalty to the banks, credit unions etc. while generating new revenue options for these financial organizations. FIs can benefit from low-cost travel club offerings as well as VIP perks to segment their members accordingly. They may choose to offer VIP rewards for their high-value customers and everyday travel or lifestyle rewards for regular customers to begin with. The travel club benefits will add value to the existing customers and attract new prospect clients to widen the bank’s network of loyal clients.
Banks can also offer travel club offerings to incentivize new account openings and attract new customers. They can provide high-value benefits and access to exclusive VIP rewards to their premium cardholders at increased membership fees and make them a part of the elite squad.
Some key benefits for members include –
- Affordability and ease of travel for members
- Premium travel and lifestyle benefits
- Priority check-in, airport lounge access, baggage rebate etc.
- Exclusive dining privileges
- Complimentary travel perks
- Travel concierge services
- 24X7 customer support
Some key benefits for FIs include –
- Attract new customers and generate more revenue
- Foster goodwill
- Cross-sell other services
- Maintain customer loyalty
- Boost employee morale with employee travel rewards
- Increased referrals
Custom Travel Solutions’ loyalty program is simple to understand for the consumers and easy to use. FIs can make their reward program stand out the crowd by bolstering the existing ones or launching a new one. With the unique, customizable offerings, travel club will help FIs to reframe ‘loyalty’ and stay ahead of their peers.
For banks, one of the greatest benefits of having a travel club is the ability to glean data and use it to better serve the customers. The consumer behavior can tell a lot about where they are shopping the most and what rewards or offerings would be most relevant to them. Banks and credit unions can use targeted promotions to attract new customers and generate more revenue in the process. After all, it is a win-win situation for both card members and the brand.
The travel club offerings will let you cater to evolving consumers across a wide range of demographics. Custom Travel Solutions offers one-to-one personalization as no two consumers are alike. Banks can benefit from this approach using market segmentation and cater their members accordingly. For instance, FIs can include corporate rewards to cater to their corporate clients or tangible travel perks for frequent business travelers. This will help enhance their credibility by deepening relationship with their members and also open new revenue streams. The seamless integration of travel club offerings across multiple channels will encourage customers to use the program and the card – even more.