FIS Modern Banking Platform
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November 28, 2017
Mladen Vladic, General Manager – Loyalty Services
Your loyalty program is one of the key components affecting how consumers view your brand. That’s why it’s so important that a vendor or program administrator understands your vision for the program and executes it as you planned. The only way to make sure that happens, however, is to confirm that your priorities are correct when choosing your loyalty partner.
The most important attribute to look for when choosing a loyalty partner is flexibility. Customization is a leading driver of customer engagement, which means your partner must be able to support customer segmentation – from entry-level to your most profitable, signature customers – as you see best. Flexible vendors can support your strategy in three areas:
Flexibility also helps issuers transform entry-level customers into more profitable customers. In a flexible program, different incentives – more points or additional redemption options, for example – can be employed on short notice to reward desired behaviors, such as paying on time, using the card more frequently and using it for higher-ticket purchases. Over time, this supports building a more profitable customer base.
Immediacy is today’s expectation that makes being nimble a requirement to remain competitive. Nimble loyalty vendors can execute on the fly in the following areas:
Some card issuers use multiple vendors – one provides the scoring platform to calculate loyalty points, cashback, and currency, another provides fulfillment and a third provides marketing support. The problem is that coordinating activities among multiple vendors requires an internal team to maintain consistency, which is a luxury that many entities can’t afford.
Suppose Bank ABC offers its best customers triple points on Black Friday for using its credit card at Retailer XYZ. The loyalty vendor sets the promotion on the system, but a different vendor communicates the message. The staff at Bank ABC bears the burden of ensuring that its two vendors are in sync and remain in sync even if changes occur.
A single provider that can handle all the tasks – scoring, fulfillment, and marketing – eases the load on Bank ABC’s staff and lowers the risk of miscommunication.
FIS | General Manager, Loyalty Services
Mladen Vladic has more than 15 years of experience in the Loyalty and Payment Card Industry. He has managed and headed both the Product Strategy and Operations organizations that support over 4,500 financial institutions and retailers. Mladen is responsible for developing and implementing loyalty solutions for multidimensional complex operational problems at FIS.
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