Another type of loyalty we offer is a tiered loyalty program where the focus is on tracking customer purchases and special benefits are given to the customer that reaches a specific level. This program is beneficial for short-term and long-term rewards, as it acts as the best way to encourage repeat purchases and increase the average order value.

Most of the loyalty solution providers believe that tiered programs are the best way to help businesses focus on high-value customers. At Clavax, we ensure to develop loyalty program for banks that keep track of customers reaching a specific milestone based on the money they spent and offer personalized rewards accordingly. If you are planning to go for this program, make sure that your customers are fully aware of the benefits associated with each level and how much more they need to spend to move to the next level.
 

In cashback loyalty programs, a formula is used which is simple and straightforward – here customers spend some amount during their purchase and get some amount of it as a cashback. The cashback can be in the form of points, value or anything that can be used for future purchases. Commonly used in many industries such as retail, banking and finance instituition, and insurance, etc. this program helps in driving incremental visits and sales.
There are several loyalty program providers for banking, finance instituition and eCommerce that offers cashback program as it is often considered as higher value as compared to other loyalty rewards like promotional discounts. For every X amount your customers spend, your business will give Y amount of money back. Get in touch with our experts to learn about the best loyalty program for banks that can help to increase the transaction amount spent by customers.
 

As the name suggests, a coalition program deals with two or more businesses that are partnered to offer rewards and incentives by sharing common customer data. This program creates a win-win situation for both brands as well as customers. It expands the branch reach into a larger customer base and customers get a chance to earn rewards faster.
For those brands who want to opt for a coalition loyalty program, Clavax ensures that all the administrative and ongoing costs are shared among brands, thereby reducing the cost to a huge extent. This works best for those brands that are new in the market as they can easily get access to a large set of customers who are already registered in a coalition program. Talk to the expert team of the fastest-growing loyalty program software development company for banks and finance instuitions to delight customers in the best possible way.