Era World Rewards, an innovation to traditional bank loyalty programs, extends customer rewards beyond credit or debit card purchases to include rewards for additional banking activities such as acquiring new products, activating mobile banking, and participating in surveys.

“CSOB’s Era World Reward Program defines the next-generation of bank loyalty programs,” said Zafin president, Michael Sgroe. “For banks that get loyalty programs right, they develop deeper relationships with their customers and increase retention.”

“Loyalty is all about building confidence between the bank and the client,” said Adam Aussenberg, Era World Rewards program manager at CSOB. “This program will help drive increased transaction volumes on payments and cards as well as increase cross-sell rates and usage of revolving loans.”

The spending-to-points conversion is simple and transparent. For every one Czech koruna (approximately USD $0.05), the customer earns one point. To add additional value for customers, CSOB has partnered with local merchants, where clients receive a bonus-point multiplier for using an Era debit or credit card.

CSOB customers can check their points balance online, or opt to receive notifications by email or SMS. Redeeming points is also simple and convenient with the Era World online catalog. You can read more about how the program works in the most recent edition of the Relationship Banker: Journal of Product and Pricing Lifecycle Management.

“The consumer banking environment is changing quickly,” said Aussenberg. “As our clients’ expectations and behaviours evolve, we need to continue to differentiate ourselves from our competitors in the Czech market.”