Ascenda

This week's article in PYMNTS dives into how companies are creating dynamic ecosystems that encourage frequent engagement and deeper connections with their customers - referencing our partnership with Uber. There's some key themes on how loyalty is evolving: - Companies are focusing on personalization and seamless integration through better loyalty infrastructure and technology. - There's a growing emphasis on instant gratification in rewards, which is driving greater customer value and share of wallet. - Digital wallets and contactless payments are reshaping loyalty programs and removing friction for consumers. What's your take on these developments? Read the full article here: https://lnkd.in/g8jr-wkz

We're incredibly excited to announce our strategic partnership with Uber and the value it will deliver for our clients, partners, and consumers worldwide! For financial service providers this unlocks the opportunity to reward consumers with Uber Credits which can be redeemed across Uber Rides, Uber Eats, and other Uber offers across markets. The partnership also enriches the broader ecosystem as partners move beyond traditional cash back and points-based payouts, which will foster even stronger customer engagement with frequent usage and tangible redemption value. Read more here: https://lnkd.in/ggwXMVgU

Ascenda is a Platinum Sponsor at Loyalty Summit Americas 2024! We’ll also be sponsoring the talk track: The Age of Customer-Focused Loyalty on Sept 18th at 1:45pm. 📅 Dates: September 17-18 📍 Location: Chicago, USA Join us as we dive into transformative conversations on customer engagement, personalization, next-gen loyalty solutions and new partnerships.   Connect with our team: https://lnkd.in/dT9jXdg3 #LoyaltySummitAmericas #AIinLoyalty #CustomerEngagement #Ascenda

The fintech revolution in India is rapidly accelerating, driving incredible advancements in digital payments, banking, and financial services. As one of the world's fastest-growing fintech hubs, India is setting new benchmarks for innovation and financial inclusion. 🇮🇳💡 We're excited to be part of this dynamic landscape as a sponsor at the Global Fintech Fest, taking place at the Jio World Centre, Mumbai, from August 28-30. Join us as we explore the latest trends, connect with industry leaders, and showcase how Ascenda's loyalty solutions are empowering financial institutions and fintechs to deepen customer relationships and drive growth. Come visit us at Jasmine Hall booth #YC9 and let’s discuss how we can transform the future of rewards and customer engagement. Book a meeting now – we can't wait to see you there: https://lnkd.in/dT9jXdg3 #GlobalFintechFest #FintechInnovation #Ascenda #Collaboration #FintechAwards #LoyaltyandRewards

We're excited to sponsor this year's Australian Loyalty Association APAC Conference on Aug 7th & 8th in Gold Coast, Australia! We'll be joining over 350 loyalty professionals and 170 brands to discuss a range of topics that are pervasive in loyalty right now: how rewards are evolving across the banking industry, consumer sentiment during these uncertain times, and effective program design across the customer's lifecycle journey. Meet us at our Mezzanine booth #G13. See you there! #Loyalty #ALA #AustralianLoyaltyAssociation #APACLoyaltyConference #Ascenda #boothG13

When financial institutions evaluate their marketing priorities there’s a misguided emphasis on customer acquisition. It’s a pervasive oversight – disproportionately allocating budget and resources to acquisition marketing while neglecting the profound growth outcomes that come from engagement marketing. The prevalent focus on new customer acquisition results in suboptimal resource utilization, stunted growth opportunities, and a loss in customer loyalty. According to Harvard Business Review: ➡️ Retention is 5X more cost-effective than acquisition ➡️ A modest 5% increase in retention can elevate profits by 25-95% ➡️ Engagement marketing can enhance usage by 34% Forrester’s 2024 CX report revealed a sharp decline in customer engagement, reaching it's lowest point this year compared to any other time in the last decade. It's now table stakes for organizations to recalibrate their strategies, emphasizing the cultivation and expansion of their existing customer base to achieve sustainable success. By prioritizing engagement marketing, companies can unlock substantial business growth and drive long-term value for their customers. #MarketingStrategy #CustomerRetention #Fintech #CustomerEngagement #BusinessGrowth

Forrester just released their 2024 US Customer Experience Index report across 12 major industries and the findings are jarring. Most consumers are having the worst experiences in a decade. Brands are missing the mark on creating meaningful customer experiences. Only 12% of brands received excellent scores, while the majority have stagnated or declined, impacting loyalty and engagement. Customer-obsessed organizations reported 41% faster revenue growth, 49% faster profit growth, and 51% better customer retention than those at non-customer-obsessed organizations. Read more here: https://lnkd.in/gD6hQde6

How can financial institutions deliver impactful rewards value without relying solely on swipe fees? This was a hot topic discussed by our team at Money20/20 Europe, given the low-interchange environment in the European market and the prevalence of debit payments with minimal margins to fund rewards. Three strategies are proving they can move the needle and are quickly gaining traction: 1. Merchant-funded offers that feed into a rewards currency. Data consistently shows that accruing the value of merchant offers into a rewards balance (whether that’s a cash balance or a points currency) delivers significantly greater engagement than straight payout as a discount or rebate. Because we’re all collectors at heart, and it’s gratifying to see a rewards balance grow. 2. Rewarding the entire customer relationship, rather than just card spend, by incentivizing profitable behaviors beyond payments. Whether it’s a savings account, FX transactions or investment trades, a whole-of-bank approach unlocks new margin pools and the opportunity to drive holistic customer lifetime value. 3. Personalized rewards that are not publicized but instead smartly delivered to targeted groups of customers. These can be funded from marketing budgets instead of product margins. Investing marketing dollars to boost the earning of an accruing rewards currency delivers significantly greater ROI than classical ad-hoc incentives such as one-time cash rebates or random gifts. Our mission at Ascenda: enabling brands to drive growth inclusive of these three avenues, with a world-class rewards technology and content ecosystem that makes it easy.

What comes to mind when you think of “premium rewards?” Perhaps it’s rewards that are highly coveted, rare, or difficult to achieve. These are all true. They’re rewards that create emotional gratification and lasting memories compared to everyday rewards (such as standard % cash back or gift cards) – and they’re effective because they tap into our psyche and motivate behavior. To illustrate the difference: Standard reward: 1% cash back on a $100 purchase = $1 reward Premium reward: 1 point per dollar spent on a $100 purchase = 100 points which could accumulate to airline miles, hotels, or fine dining experiences. Both are valuable in different circumstance but they drive entirely different customer behaviors. Expectancy theory explains why people are more motivated to engage with a program when they see tangible positive results; which only increases as the results become more desirable. Examples of premium rewards include: → Direct travel bookings through your credit card → Travel experiences such as free upgrades and private lounge access → Transferring points from your credit card to another loyalty program → Merchant funded bonus points for fine dining or entertainment events 70% of the leading loyalty programs (meaning the top 10 programs in the world such as Amex, Chase, and Citi) offer premium rewards such as travel bookings or points transfers. Compare that with the challenger brands (programs ranked 11-50 in the world) and that number drops to less than 25%. So even if we know they work, why are premium rewards still so uncommon? First, they require agreements made directly with suppliers and come with strict guidelines for how they’re marketed. Premium rewards suppliers don’t want to dilute their brand equity, so they're a lot more selective when partnering with financial institutions (FI's).  Second, they’re harder to fund. FI's typically fund their rewards programs from the credit card’s interchange fees, generally ranging between .3% to 2% depending on the market. Premium rewards require a higher redemption payout, which needs to be carefully budgeted for the program to run sustainably and generate profit. A win-win is a blend of standard AND premium rewards; to engage with a broad base of customers and then target premium offers to specific segments based on their behaviors and the campaign goals (upsell, increase credit card usage, etc.).  Lastly, there’s technology. Rewards programs are only as effective as how well they're marketed. Many FIs still use fragmented legacy tools to run their programs. These tools lack proactive communication, rewards personalization, and analytics to improve program outcomes. This why programs – even with great rewards – can still fail. The recipe to a successful program is: offer a wide array of premium and standard rewards + an effective program design to maximize ROI + proactive marketing across all customer segments to drive performance and growth. 🎯

Our mission is to power outsized growth for financial institutions and merchants globally. To do this, we’re building the strongest team and culture possible – to deliver exceptional value to our customers. Today we are incredibly excited to welcome Joshua Berwitz to our executive team as Chief Commercial Officer (CCO) leading all go-to-market, partnerships, and client functions. Josh brings decades of experience in payments and loyalty; he's designed, built, and operated some of the world’s most accomplished rewards propositions. He spent 24 years at American Express driving growth across consumer cards, business cards, and merchant loyalty. Among his many areas of ownership were the global relationships with large strategic partners such as Delta and Marriott, the Membership Rewards partnerships portfolio, as well as the Global Lounge Collection. Please join us in welcoming Josh to Ascenda! Read the full announcement here: https://bit.ly/3VqEfMQ #Leadership #GlobalExpansion #LoyaltyPrograms #Ascenda #NewAppointment