The next generation of bank loyalty in Africa

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Earlier this year, Loylogic and Pinnacle Rewards, announced that they have partnered with African Bank to introduce a new industry-leading loyalty program designed to improve the financial wellbeing of customers.

Available to all customers, the ‘Audacious Rewards’ program will offer rewards for positive financial behaviour and will allow members to earn and redeem loyalty points with an exciting network of partners. For Loylogic and Pinnacle Rewards, the partnership with African Bank marks the beginning of an ongoing mission to deliver impactful loyalty programs for leading organisations in the African continent.

Following the announcement, The Wise Marketer interviewed Terry Moodley, Chief Executive Officer, Pinnacle Rewards and Gabi Kool, President of Loylogic to understand more about the state of the African banking markets and how customer loyalty is adapting to serve a broader segment of the population. Terry has tremendous retail banking experience with years serving as CEO of Personal & Business Banking Standard Bank Africa. He understands the markets and the needs of the African consumer. Gabi Kool is always stretching minds with new ideas and introduces the concept of “responsible rewards”, describing his vision for democratizing banking loyalty programs and promoting financial wellbeing and inclusivity in Africa.

The conversation – which can be enjoyed in full by clicking here – covers a number of key questions, including:

1. What’s the current state of the banking industry in Africa? And what does the loyalty market look like?
2. Why should banks create loyalty propositions that appeal to the entire customer base? How can loyalty programs be used to help make banking more inclusive?
3. Why should banks create loyalty propositions that promote financial wellbeing? How can this element be embedded into banking loyalty programs?
4. Why should banks view loyalty programs as a strategic opportunity, rather than purely as a marketing initiative?
5. Why does the African market lend itself as an ideal testing ground for loyalty innovation? What do Loylogic and Pinnacle Rewards have planned for the future?

Article originally posted by The Wise Marketer