PURCHASE, N.Y. - Financial services firms are benefiting from a new loyalty program from MasterCard Worldwide that empowers issuers to better leverage customer relationships and increase customer loyalty based on the entire financial relationship.
According to a news release, Cincinnati-based Fifth Third Bank is one of the first financial-services firms to implement a relationship-rewards program on MasterCard's loyalty platform. The loyalty program, branded 53PointShareSM, which Fifth Third rolled out in the second quarter of 2007, allows customers to combine the points they've earned on Fifth Third credit and debit cards in a single account.
MasterCard says its Relationship Rewards also enable banks to build loyalty programs unique to their own brands as well as cross-sell retail bank and credit products more effectively. And since Relationship Rewards runs on a parameter-based platform, it allows financial institutions to change or modify their rewards programs quickly and effortlessly, based on behaviors they want to encourage, or products they wish to promote.
