Online Resources Corp. and Truaxis have partnered together to provide a platform for personalized rewards, loyalty incentives and other services to customers of the 500 community banks and credit unions already using ORCC’s digital banking platform.
The program, which the two firms piloted with about 10 banks and credit unions over the last six months, will be rolled out to the ORCC banks and credit unions by the end of the year.
The program is based on Truaxis’ loyalty rewards platform, StatementRewards. The estimated 3.5 million customers (members in credit union parlance) of the ORCC financial institutions will then receive personalized rewards layered into their digital monthly financial statements, said Stephen W. Ryan, ORCC executive vice president of software solutions and services.
“When we piloted the program over the first six months of the year, the results were overwhelmingly positive,” Ryan added. “One of the things the community banks and credit unions want is these solutions so that they can compete with the national and the superregional banks. The benefit to the bank is that they can move people to a loyalty program that has real value to it.”
Ryan added that the loyalty market has exploded and offers several advantages over “daily deals” and similar programs that seek to draw in new customers who may or may not return.
“It’s all about differentiation,” Ryan said. “People are looking for more value in their relationships.”
The financial institution customers don’t have to go anywhere new to receive their rewards, which will be personalized depending on their habits.
For example, if their financial institution-issued credit card statement shows purchases at a particular electronics retailer, they might be offered a reward to use at that retailer. Another feature of the program will the ability to click on a virtual button layered into the statement to find the lowest local gas prices. These capabilities will be offered through online and mobile connections.
The program will also offer a bill analysis feature that enables consumers to have certain bills analyzed (e.g., cell phone bill) to see if they are indeed using the provider’s best plan, based on their usage patterns.
“StatementRewards gives financial institutions a way to differentiate themselves in the market while continuing to deliver great value and service to their customers,” said Schwark Satyavolu, Truaxis CEO and co-founder, in a prepared statement. “Our personalized services deliver a cost-effective rewards program alternative that allows institutions to decrease customer churn, attract new banking customers and increase earnings potential all while helping customers save thousands of dollars each year.”
In addition, StatementRewards’ FI Dashboard enables financial institutions to access detailed reports that show customer engagement; control the merchants, types of rewards and number of offers that their customers can see; and allow financial institutions to recruit merchants for exclusive promotions.