Provident Bank signs up to MasterCard loyalty programme

Source: MasterCard

Provident Bank is the latest financial services firm to reap the benefits of a new loyalty program from MasterCard Worldwide that helps issuers better leverage their customer relationships and strengthen customer loyalty.

Provident, a commercial bank based in Baltimore, Maryland, joins a growing list of financial services companies that have deployed the MasterCard Advisors Loyalty Solutions Relationship Rewards program. The new loyalty program -- branded Provident Power Points -- is open to all of the bank's debit cardholders, focusing on those who are Benefit Banking customers. It permits those Benefit Banking customers who participate in Direct Deposit to earn rewards points from all of their debit signature purchases and recurring payments. Furthermore, once a Benefit Banking customer enrolled in Power Points accumulates 2,500 points on an annualized basis, the program automatically doubles his or her number of reward points. Provident's Benefit Banking clients can participate in Power Points for free; other Provident customers can take part in the program for a nominal $3 monthly fee.

"Offering these rewards strengthens our relationships with our best customers," says Rick Sides, eBanking Product Manager of Provident Bank. "By providing our customers with rewards for their debit card purchases, and offering an accelerated earnings rate, we are emphasizing our dedication to customers who maintain their primary relationship with Provident Bank."

MasterCard Advisors Loyalty Solutions worked closely with Provident to design an easy to use, convenient program. For example, a Web site hosted by Loyalty Solutions provides Provident customers with an uncomplicated online self-enrollment process, which permits them to start earning points almost immediately. Bank customers can not only track or redeem their rewards online, but also accumulate and co-mingle points earned from both their personal and small business accounts. This feature gives participants access to a single, consolidated rewards account from which they can redeem points for a variety of rewards, including cash-back, travel, merchandise, build-your-own rewards, or special events and experiences.

Provident Bank's new program demonstrates how banks can use MasterCard Relationship Rewards loyalty solutions to construct more and stronger ties with customers. "The stronger the relationship a customer has with their financial institution, the less likely they are to leave and take their business elsewhere," notes Mark Shipley, Global Practice Leader, Loyalty Solutions Worldwide, MasterCard Advisors. "Provident Bank realizes that there's more than incremental value to rewarding customers for their primary relationship with their financial institution. By offering relationship-based rewards through their Benefits Banking program, Provident Bank can expect to develop more loyal customers over time."

Relationship Rewards enables financial institutions to build unique loyalty programs. If a bank has a specific program to promote, such as Provident's Benefit Banking, it can provide special customer incentives similar to the bank's accelerated earnings for Benefit Banking participants. Processing multiple products for seamless scoring, tracking, and fulfillment of rewards is easily accomplished, thanks to the sophisticated technology at the core of the MasterCard loyalty processing platform. And because Relationship Rewards runs on a parameter-based platform, financial institutions can change or modify their rewards programs quickly and effortlessly to encourage specific customer behaviors or promote certain bank products.

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