Think about the following questions as you participate in upcoming budget planning and forecasting conversations:

Are you likely to switch credit card processors in the next few years?

If substantial loyalty and engagement is a goal for your organization, you’re likely ready to move beyond a credit card rewards program and transition into a comprehensive loyalty program.

Switching credit card processors is costly enough. Building a program that moves with you from processor to processor alleviates some of the financial weight of that transition.

If you’re looking to switch processors in the near future, this may be a critical component of your program to discuss in budgeting conversations.

Is your processor program starting to feel limiting?

If your financial institution has reached a certain size, “in-the-box” programs may be restricting its potential. At this point your institution should consider working with experts whose focus is on building engaging world-class loyalty programs.

Ideal loyalty programs are agile and surprisingly budget friendly. Worried about wrestling with intricacies of program rules and guidelines? Given expertise in the loyalty space, these rules can be written and established based on your financial institution’s objectives.

Consider how you envision your loyalty program growing and as well as the support it may need going forward. Think about the financial and talent resources needed to make your program goals come to fruition.

How many partners are you outsourcing with?

True loyalty goes beyond rewards programs and extends to a top-of-the-line member experience. This includes personalized program design, intuitive website design and creative capabilities.

Consider working with a resource that offers an all-encompassing solution with straight-forward pricing.

Do you have the technology in place to support where you are going?

There are some limitations on the technology for programs today. It is important to think about whether your current program can provide you with the necessary APIs or files to integrate your rewards data into your online banking (OLB) system.

Instead of enduring the cost, time and hassle involved with upgrading tech platforms every few years, consider investing in a partner whose tech platform integrates and grows with you.

Are reporting capabilities there for you when you need them?

Knowing and understanding results is key to a successful program. Remember that it’s not just about the data. It’s about leveraging that data, gleaning actionable insights to drive both loyalty and new membership over time.

Reporting should be valuable and timely. Processor programs have limited reports, delivered only monthly or quarterly, and usually as a data dump in an Excel file. Switching to a comprehensive program will provide greater insight into your program performance with data visualization updated every 24 hours.

Given financial pressures and budgetary concerns, the idea of considering new loyalty program build may seem daunting. However, with the right business partner, a loyalty program for your financial institution can make a lot of sense.

Start by examining your credit card reward program as you begin the valuation process. Look for solutions that align closely with your business goals and objectives. Review program capabilities. Ask direct questions and partner with a company with proven capabilities in making comprehensive loyalty a reality, so your financial institution is well-positioned to meet its objectives.

Thinking about adding a comprehensive loyalty program to your financial institution’s budget? Click here to see how RAZR Financial’s platform and team of experts can partner with you.