What is Retail Bank Loyalty Program Market?
The loyalty programs are the marketing strategies which are designed to encourage customers to use the services of a business. A retail bank loyalty program is one of the important tools for retail banking industry. There is rapid growth of banks which is making a competitive situation in industry. Hence, the marketing strategies for retaining customers are becoming diversified including loyalty program strategy. The strategy is also being considered as an important revenue driving tool. It offers various number of loyalty programs but they are commoditized.
The market study is being classified, by Application (Customer retention, Customer loyalty and Channel loyalty) and major geographies with country level break-up.
Maritz (United States), FIS Corporate (United States), IBM (United States), Aimia (Canada), TIBCO Software (United States), Hitachi-solutions (Japan), Oracle Corporation (United States), Comarch (Poland), Loyalty Lab (Netherlands), Exchange Solutions (Canada), Bpm’ online (United States) and Customer Portfolios (United States) are some of the key players profiled in the study.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Retail Bank Loyalty Program market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Retail Bank Loyalty Program market by Type, Application and Region.
On the basis of geography, the market of Retail Bank Loyalty Program has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Emphasis on Marketing Strategies in Banking Sector
- Increasing Competition in the Industry
- Adoption of Analytical Tools for Offering Customized Reward Programs
- Stringent Government Regulations for Banking Sector
- Personalization in Loyalty Programs is Leading to Adoption by Customers
- Increasing Importance of Customer Insights to Predict Customer Intents
- Stiff Competition May Hamper the Market Growth
Key Target AudienceBanks, Loyalty program solution providers, Government associations, Research organizations and Others
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