![Bond_Synapze_Instant_Redeems_v2[5]](http://www.marketingmag.ca/wp-content/uploads/2016/02/Bond_Synapze_Instant_Redeems_v25.png)
Bond Brand Loyalty has launched a mobile app that lets customers instantly redeem points from credit card loyalty programs in-store or online.
Called SynapzeInstant, the app was created to help banks better control reward costs, while giving customers the instant satisfaction they now want from loyalty programs. According to a Bond Brand Loyalty consumer survey, the number-one driver of satisfaction in the financial services category is speed to receive redemption rewards.
“Bank programs are at a bit of a disadvantage because very few of them have offered instant or in-retail redemption,” said Carlo Pirillo, executive VP, digital solutions at Bond Brand Loyalty. “It really wasn’t a problem 15 years ago when they were conceived, but now with the proliferation of retail programs where you do have the ability to earn instantly—and more important, burn instantly—the expectation of ‘I want my reward and I want it now’ is incredibly important.”
With the app, consumers can redeem loyalty points for their purchases at participating retailers. They simply click on a button to redeem points and the cash amount is reimbursed on their credit card statement.
For example, “I can [indicate] that I’d like to redeem 18,000 miles for $100 worth of purchase,” said Pirillo. “I confirm that redemption and I’m instructed to purchase the item using the program’s credit card.”
In addition, when a customer is near a store aligned with the program, the app’s push notifications will alert the customer about redemption opportunities. For retailers, “it’s 100% frictionless… and 100% invisible to them,” said Pirillo.
For banks, the app was designed to reduce the overall cost per point in a loyalty program. The issue is that many credit card loyalty programs are geared towards travel, which is “a very expensive redemption [for banks],” said Bob Macdonald, president and CEO of Bond Brand Loyalty. “We’ve been coming up with solutions that cut that cost, but also produce a great value to the consumer.”
