African Bank is taking a definitive step towards improving the financial wellbeing of its customers with the introduction of a new, world class, loyalty program, called Audacious Rewards.
In contrast to other loyalty programs, which simply reward customers for transacting with one brand, the new African Bank loyalty program will create incentives for positive financial behaviour, such as customers improving their credit score. The custom-built program has been created to work for all African Bank customers and will allow members to earn and redeem loyalty points with an exciting network of partners – covering day-to-day purchases like groceries and mobile data/airtime, as well as exclusive aspirational rewards.
This initiative ties in with African Bank’s vision to build a bank for the people, by the people, serving the people, as defined by its audacious Excelerate25 strategy. Key to that vision is the ability to deliver sustainable, accessible, and inclusive financial services to all South Africans. To do that, African Bank has adopted an open architecture approach, partnering with organisations who can enhance its financial offerings to customers.
To create their new loyalty program, African Bank teamed up with Loylogic, the global leader in loyalty and engagement solutions, and Pinnacle Rewards, an established loyalty marketing powerhouse. Through its partners, African Bank will also be able to accurately measure the impact of Audacious Rewards on the business, bringing loyalty metrics to the boardroom.
‘We believe that each and every customer is valuable,’ said Darryl Adriaanzen, African Bank’s Group Executive: Operations.
‘Loylogic and Pinnacle Rewards have succeeded in designing a program which meets the requirements of accessibility, inclusivity and measurability and we can’t wait for our customers to get access to all the benefits it will bring them. We see this as an integral part of our recently revealed transformation strategy Excelerate25, through which we aim to leverage our rich heritage, diversify our business and build a customer-centric, data-driven, scalable and digital-first business.’
Audacious Rewards is already available to African Bank customers with a transactional MyWORLD account. The full roll out, which will feature a more extensive rewards catalogue and incentives for positive financial behaviour, is scheduled to launch later this year. It is at this stage that Loylogic’s multi-award-winning e-commerce platform, Pointshub, will be seamlessly integrated to unlock an unmatched variety of opportunities for African Bank’s customers to spend loyalty points. Further plans for the bank to adopt Loylogic’s innovative earn and burn e-payment platform, Pointspay, and its new engagement solution are in place for 2023.
‘We are proud to partner with African Bank and Pinnacle Rewards to create a first-of-its-kind loyalty program which has been designed with inclusivity at its heart, whilst at the same time driving financial wellbeing,’ says Gabi Kool, Chief Commercial Officer at Loylogic.
‘We will use our sophisticated technology to incentivise and reward good money management, driving positive behaviours and supporting members through their journey to build a better life, whilst making the program part of memorable moments along the way. We’re at an exciting new frontier – the democratisation of loyalty.’
