SunTec has announced a partnership with Loylogic in an effort to help banks keep their customers via carefully crafted loyalty schemes.
SunTec is a provider of revenue management and business assurance solutions to companies in the financial services arena, and Loylogic works with the "world's leading loyalty programs" to drive engagement and commerce.
Together, the two companies aim to provide banks with the ability to simplify and better manage their loyalty programs, and utilise an almost real-time platform featuring unique and personalised rewards for customers to ensure a higher level of customer retention.
The move comes in the face of recent research which shows that more than half of consumers plan to change their primary bank within the next six months.
SunTec notes that its product suite Xelerate will provide the functionality to set up relevant and profitable campaigns (and simulations), and fully maintain customer loyalty programs.
Nanda Kumar, SunTec CEO, said: “There is no better way of telling your customers you care about them than to offer services which are relevant to them and rewarding them for the relationship. Facing fresh challenges from non-banking digital disrupters, traditional Financial Services providers must maximise their competitive advantages, by leveraging the intelligence which lies in their customer relationship data, to drive quicker and right decision-making.
"SunTec’s partnership with Loylogic aims to help banks design, launch and manage loyalty programs which deliver personalised rewards through mobile and online channels.”
Dominic Hofer, CEO and Founder of Loylogic, added: “There is an overabundance of good customer intelligence locked away in technology silos which can make a difference between winning a customer and losing one. Loylogic’s experience will help banks to unlock this potential: We design magnetic points experiences which will help banks to drive the Member Lifetime Value and put also a huge smile on the face of program members.”