How BofA, Barclays make loyalty about more than reward points
Financial institutions struggle to connect emotionally with consumers, according to research from American Banker’s publisher. Barclays and Bank of America say digital delivery and targeted incentives have found success.
Bank of America CEO Brian Moynihan said that consumer activity has slowed throughout the year, but should remain strong enough to position the economy for growth later in 2024.
The bank has joined with four other financial giants — including Barclays, BNP Paribas and HSBC — to launch Endoxa, which will enable the firms to use technology to standardize their approaches to compliance.
Cash remains king, but some credit card customers prefer giving their rewards to nonprofits, so the Minneapolis banking giant has made it a year-round option where it's matching donations dollar for dollar.