OCBC Bank and StarHub to create multi-industry loyalty platform
07 June 2018 | 6660 views | 2
OCBC Bank and telco StarHub are developing a cross-industry platform that will enable consumers to exchange, consolidate and redeem loyalty rewards – such as discount points and air miles – earned from a coalition of partners across industries.
Today, there are 400 loyalty programmes in Singapore with approximately 70% of consumers participating in one or more programmes. However, the average redemption rate of a typical standalone loyalty programme is 50-70% based on OCBC Bank’s estimates.
The Coalition Loyalty Programme aims to bring on board key players from ten industries - financial services, telecommunications, travel, insurance, retail, hospitality, food and beverage, grocery, petrol and transport - in an effort to substantially reduce the inherent wastage in low value rewards.
With the creation of an online tracking dashboard, consumers will be able to consolidate and monitor the expiry dates of the loyalty points and be aware of the available points any time and the rewards to redeem.
The programme currently boasts a total of seven partners across seven industries, with other companies set to come onboard.
Desmond Tan, head, group lifestyle financing, OCBC Bank, says: “There will be no more wastage. Consumers will now be able to get the maximum value out of each reward point. We want to proactively create a community of engaged members, rather a run-of-the-mill loyalty programme.”