Best Practice in the Reward Credit Card Sector report published by Market Research Store
Deerfield Beach, FL -- (SBWIRE) -- 08/04/2015 -- Synopsis
The report provides insights into reward credit cards offered to customers in key markets:
It provides a global snapshot of current market dynamics for reward credit cards and their future outlook.
It provides insights into the key factors driving increased focus on rewards and loyalty programs.
It provides insights into best practices and key strategies adopted by card issuers in key card markets.
It provides information on value-added features offered by different types of credit card to attract customers.
It provides case examples which highlight the successful implementation of best practices and strategies in key markets.
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Banks are increasingly using rewards and loyalty programs as a tool for maintaining relationships with top-end customers, as these relationships provide high potential for revenue generation. Financial institutions are putting forward premium experiences and offers to increase loyalty and develop deeper banking relationships. Rightly positioned, unique rewards act as a key differentiator in a highly commoditized financial services market.
To remain profitable, banks have been making changes to their strategies and operational models which includes finding the optimum mix of funding options and reward offerings to achieve greater levels of customer loyalty and profitability. Both issuers and card schemes are partnering with airlines, hotels and popular brands to offer merchant-funded rewards. The strategy allows card issuers to improve the value of their reward credit cards without putting upward pressure on costs.
Consumers are traveling more than ever, and forecasts for outbound trips indicate that this trend will continue over the next five years in key economies. Consequently, card issuers and schemes offer credit cards that focus on travel benefits to increase customer retention and attract new customers. Travel credit card customers are often offered lounge access at airports, free or heavily discounted air tickets, preferential treatment at hotels and resorts, free valet parking, discounted limousine services, and insurance cover that ranges from travel accident to lost and delayed baggage, to trip cancellation.
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There is increased investment in customer engagement strategies. Schemes and issuers are offering personal concierge services on their top-end credit cards, or access to exclusive events to differentiate their products. Issuers are also expanding their presence on social media and mobile platforms through various apps to drive brand loyalty. The increasing popularity of social media and smartphones also allows card issuers opportunities to enhance their marketing efforts while keeping costs low. In addition, customer check-ins at various locations using smartphones has opened up opportunities for a more targeted marketing effort that saves issuers resources, while providing more relevant deals and offers to customers.
This report covers the market size of credit cards in six key markets.
This report provides a comparative analysis of benefits and services offered by over 80 reward credit cards in key markets.
It covers key business drivers for card issuers to issue reward credit cards for various customer segments.
It covers key strategies adopted by card issuers for the six countries covered in the report.
It also provides case studies based on best practices adopted by the card issuers in these countries.