Bank of America this week joined the growing number of financial institutions offering loyalty programs with its national launch of BankAmeriDeals, which offers online and mobile cash back deals.
The program was developed using feedback from the bank’s voice of the customer program, said B of A spokesperson Terry Burke.
Customers choose the deals they want through Bank of America’s Online Banking and Mobile Banking app. Cash back deals are put into the customers’ accounts and are in addition to other rewards customers may already receive. Through the program, which has been rolling out in phases throughout the country, more than 130 million cash back deals have been served to customers. The program is free for the bank’s online banking and mobile banking customers.
“Our customers continue to tell us how important it is to save money while they shop,” said Aditya Bhasin, B of A consumer marketing and online and mobile executive, in a prepared statement. “And we understand that consumers are busier and savvier than ever, which is why we’re making it easy for customers to earn cash back while they’re online or on the go.”
Rod Witmond, senior vice president, marketing and consumer experience for Cardlytics, Atlanta, which provides the technology behind the BankAmeriDeals program, said that financial institutions are becoming more familiar with the Cardlytics program. The first bank went live with the technology about three years ago. Additionally, Witmond said, “Financial institutions want to retain their customers. They are beginning to see relevant rewards as important in doing that.”
To build “relevant” rewards, Cardlytics has worked with national and local merchants. The national merchants get good additional exposure because the average online banking household checks it accounts nine times a month, and 35 percent check it daily. Each time they go on, it’s another opportunity for to use the bank rewards program with a participating merchant.
Witmond added that the strongest rewards programs combine local and national merchants.
“As we’ve rolled out the program, our customers’ feedback is that they like the ease and convenience of it, they don’t have to clip, print or remember any coupons or codes since the cash goes right into their accounts, plus they love getting cash back in addition to other rewards,” said Bhasin in his prepared remarks.
BankAmeriDeals offers cash back deals from a variety of retail categories, including discount department stores, fast food chains and casual dining restaurants. The program, run by Cardlytics through its targeted advertising network, includes national as well as local and regional merchants such as, Aeropostale, The Body Shop, FedEx Office, AutoZone, Redbox and the Atlanta Braves.
“The Atlanta Braves are excited to be part of the BankAmeriDeals program,” said Paul Adams, director of ticket sales for the Atlanta Braves, in a prepared statement. “It’s so simple for customers and businesses to use because the deals are carried right on their debit or credit card. Most importantly, we feel confident about reaching the right consumers with BankAmeriDeals. We see it as a great way to further strengthen our partnership with Bank of America and help reward their customers in the process.”
Bank of America customers access the program by logging into their online banking account to view their deals in the “Cash Back Deals” section and choose the stores and restaurants that are relevant to them. Customers can also access BankAmeriDeals using the new “Deals” button in the mobile app on the iPhone, iPod Touch, iPad and will be able to soon on the Android handset, Android Tablet, Windows Phone, and Kindle Fire.
The selected deals are redeemed the next time they shop using their eligible Bank of America credit or debit card or Merrill Lynch credit card. The cash back is automatically credited to the checking or credit card account of their choice the next month, and is in addition to any rewards customers already earn.