ampliFI Loyalty Solutions is excited to announce the upcoming launch of a revolutionary feature that will redefine how cardholders interact with their rewards programs: Build Your Own Rewards.
Set to debut in Q1 2025, Build Your Own Rewards is designed to empower cardholders like never before by allowing them to choose the categories where they want to earn bonus points, making every purchase more meaningful.
“Build Your Own Rewards represents the future of rewards programs, putting control in the hands of cardholders and allowing them to tailor their experiences,” says Deepthi Andi, VP of Product at ampliFI.
“It’s not just about points; it’s about giving people the power to create a program that aligns with their lifestyle and goals. This level of personalization is what sets us apart and drives deeper engagement with our customers.”
How Build Your Own Rewards Works
Build Your Own Rewards aims to deliver maximum value to the most active consumers, rewarding them for their consistent engagement. Cardholders can log into their rewards website and choose from various categories, such as travel, dining, fuel, and entertainment, where they can earn bonus points.
Financial institutions can benefit by setting an ongoing earn rate of 1X or 2X across all categories. Additionally, they can offer higher earn rates—up to 5X—by requiring cardholders to activate these offers. This targeted approach rewards the most engaged cardholders with high-value earning opportunities while managing costs and optimizing loyalty budgets.
The Build Your Own Rewards Experience: A Journey with Jamie
- Jamie is enrolled in a loyalty program through his financial institution. He receives an email informing him of a new feature that allows him to choose the categories in which he earns extra points. Neat!
- Jaime logs into his rewards site and sees the Build Your Own Rewards option on the home page. He clicks ‘select now’ and begins selecting his preferred categories.
- As an avid Disney fan, Jamie chooses to earn 4x bonus points on airlines, hotels, and car rentals. Now, he and his wife can earn double the points on their yearly trip to Disney World!
- Jamie is thrilled about earning points on a trip he and his wife enjoy. The highly personalized experience provided by his financial institution reinforces the value of a loyalty program, keeping his rewards card at the top of his wallet.
The Power of Personalization
Personalization isn’t just a nice-to-have; it’s essential. According to Marigold1, 85% of consumers say their favorite brands treat them like individuals, highlighting the critical role of personalized experiences. For brands, the key to unlocking this value and driving revenue and engagement is enhancing the loyalty program experience. This includes offering sustainable travel options, integrating fintech tools, and providing differentiated rewards that resonate with cardholders’ lifestyles.
Build Your Own Rewards takes this personalized approach to a whole new level. With 78% of consumers likely to engage with offers tailored to their interests, this feature allows cardholders to curate their own rewards experience, choosing the categories that matter most to them. Whether it’s travel, retail, or entertainment, Build Your Own Rewards puts the power in their hands.
The Need for Innovative Loyalty Solutions
Consumer expectations are fast-evolving, and loyalty programs are key to staying relevant and aligned with their needs and preferences. The industry’s shift towards enhancing engagement features and improving earning and redemption capabilities shows that brands are looking for strong, innovative solutions to meet consumer expectations. Partnering with a third-party provider like ampliFI allows financial institutions to stay ahead of these trends, offering cutting-edge features like Build Your Own Rewards, Real-Time Rewards, and Merchant-Funded Offers.
As financial institutions seek to differentiate themselves in a crowded market, offering a loyalty program that speaks directly to cardholders’ individual needs is crucial. Build Your Own Rewards not only enhances the user experience but also deepens engagement, driving long-term loyalty and positioning your brand as a leader in personalization.
Ready to spark engagement? Connect with our team at sales@amplifiloyalty.com or click the button below.
Sources:
1Marigold