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Take and change
– iSeatz
After a strong 2022, the travel market is expected to continue on a strong growth trajectory this year. Consumers of all ages plan to travel more by 2023, despite rising prices, according to a recent iSeatz report. To capture this growing demand, financial institutions have invested in their credit card rewards programs.
But how can banks improve their offerings to encourage engagement, loyalty and customer satisfaction? They are the key words. Control, confidence and flexibility. Modern travelers are more savvy than ever – they want to design their own experience, find options that suit them in one place and get support when needed. This is especially true for millennials and Gen Z, who make up 42 percent of the U.S. population and are more likely to travel this year than older generations. Millennials are especially budget-conscious and tend to be members of multiple rewards programs, choosing the ones that help them find the best deals at every opportunity.
“Consumers – especially younger generations – want to be in charge of their own destiny when it comes to booking and travel experiences,” said Kenneth Purcell, founder and CEO of iSeatz. “They want to use their loyalty points not just to get to their destination, but to experience it and know they’re getting the best value from their rewards program. Platforms at the top of the market are offering many of the features consumers want, and are seeing strong growth as a result, but this report shows there’s still room to capture a larger share of the customer journey and wallet.
To help credit card issuers develop rewards strategies that meet the needs of all consumer segments, iSeatz released its second annual “State of Loyalty: 2023 Credit Card Rewards Report.”
Using publicly available data, the report details travel and lifestyle points-redemption opportunities offered by major credit card issuers in North America. It also provides insights into new and existing trends in the credit card space.
As more banks expand and invest in their platforms, the lifecycle from growth trend to table share is getting shorter and shorter. Purcell continues: “That’s why now, more than ever, finding a scalable and configurable technology solution that allows brands to easily adapt and expand their offerings is critical to attracting and retaining card members.
In this report you will find:
- A detailed description of travel and lifestyle-redemption opportunities in major North American financial institutions’ credit card rewards programs
- Take a look at the gap between growing demand for experiential products and a corresponding lack of points redemption opportunities, and why things could change this year
- Insights into the increasingly important role of personalization in loyalty marketing and the major roadblocks faced by credit card rewards platforms
- About personalized travelers during the purchase and booking processes and why AI platforms can be essential to take privacy to a new level
- An overview of the current state of four major travel loyalty trends – buy now, pay later, digital wallets, pay with points and cryptocurrency rewards – and compare it to predictions from last year’s report
- Data from the latest iSeatz study examining the relationship between what cardholders want and which loyalty platforms
This content was co-created by iSeatz and Skift-branded content studio, SkiftX..
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