Bank of America Is Inspiring Loyalty Through Personalization

As we begin to tentatively emerge from the worst days of the COVID-19 crisis, our attention must now turn to recovery. Brands up and down the country are searching for ways to stand out from the post pandemic crowd and make their brand appealing to the customers of a renewed normal.

Loyalty has been transformed by the pandemic, with the 2022 customer being far fickler than those of previous years. With so many digital disruptors all vying for the attention of these customers, the modern bank needs to make sure its loyalty efforts are second to none and strive to craft personalized experiences which resonate with an increasingly distracted audience.

Loyalty is the battlefield on which the modern warfare of banking will be won or lost. With it being easier than ever to switch provider, banks need to focus on customer retention, just as much as they do on acquiring new business.

Bank of America

As one of the United States’ largest and most well-known financial institutions, Bank of America understands the value of customer loyalty more than most.

However, the Charlotte, North Carolina-based multinational investment bank and financial services holding company also understands that loyalty cannot be demanded and must be earned by offering customers a reason to remain with their current provider – especially when it comes to more affluent customers

This is why, as of December 2021, Bank of America is offering its highest value customers new perks and rewards for continuing to trust the financial institution with their money.

"Bank of America today announced enhancements to its rewards and loyalty programs, all designed to provide exclusive offers, experiences and perks for clients across their full relationship," said Bank of America in a press release at the time. "The bank’s award-winning Preferred Rewards program, which has more than nine million members with $1.4 trillion in deposit and investment assets, will now feature two new tiers for high-net-worth clients."

The bank also launched a new Premium Rewards Elite credit card and expanding their comprehensive loyalty and rewards program with the launch of Partner Rewards, a new unique loyalty program designed to provide credit and debit cardholders with more choices when it comes to earning exclusive merchant discounts and rewards.

Personalized Loyalty

Bank of America’s expanded Preferred Rewards program will now include Diamond and Diamond Honors tiers for those special clients with $1 million and more and $10 million and more in assets with the company. The new tiers build on the existing Gold, Platinum, and Platinum Honors levels and reward customers with increasing benefits as their banking and investment balances grow.

For example, the Diamond and Diamond Honors tiers will release a host of perks across an extensive roster of merchant discounts, offers and exclusive experiences, including:

• Banking and lending benefits, such as a 75% credit card rewards bonus on all eligible Bank of America credit cards, 20% interest rate booster on Bank of America Advantage Savings accounts, enhanced mortgage, and home equity benefits, reduced annual program fee with a Merrill Guided Investing account and more.
• Exclusive luxury benefits and lifestyle experiences including customized and unique events from premium brands.
• Access to personalized services through third party experts who can help navigate complex topics, such as college advice, career support, and eldercare options.

These will be supported by the unique rewards offered alongside the Premium Rewards Elite credit card, such as redeeming points for travel, cash back, a statement credit, distinctive experiences, or gift cards, and the Partner Rewards Program which contains benefits including the option to receive discounts on gasoline purchases.

"Delivering a personalized rewards and loyalty experience helps us to deepen relationships with clients," said Chief Digital Executive for Preferred at Bank of America. "Our Preferred Rewards program, along with our personalized loyalty programs, such as Partner Rewards, are examples of how we are delivering exclusive offers, experiences and perks for clients across their full relationship."

These innovative and personalized loyalty programs build on Bank of America’s stellar reputation when it comes to innovation. In 2021 alone, the bank was recognized with more than 200 industry awards for its innovation, financial technology, and for delivering exceptional client services and solutions.

Final Thoughts

Fostering loyalty amongst an increasingly fickle customer base is no mean feat. However, with industry heavyweights such as Bank of America creating such innovative schemes to achieve customer loyalty – especially among high value clients – it sets a precedent and a blueprint which other brands can easily follow.

Effective Personalization and Valuable Engagement is the Key to Post Pandemic Loyalty in Banking is set to be a keynote topic at Future Branches Boston 2022, taking place in July, at Westin Copley Place, Boston, MA.

Download the agenda today for more information and insights.