OCBC Bank and StarHub are working on a multi-industry platform that will enable customers to exchange, consolidate and redeem loyalty rewards earned from an association of partners from various industries.
There are an estimated 400 loyalty programmes in Singapore in which about 70% of the customers are participating. Since the redemption rate is 50-70%, the ‘Coalition Loyalty Programme’ will be able to significantly reduce the low-value rewards being unused.
The online tracking dashboard will enable the customers to consolidate and monitor the expiry, availability and redeeming of loyalty points.
Desmond Tan, head, group lifestyle financing, OCBC Bank, explains: “There will be no more wastage. Consumers will now be able to get the maximum value out of each reward point. We want to proactively create a community of engaged members, rather a run-of-the-mill loyalty programme.”
With partners from seven industries already on board, the company looks forward for more partners ahead.
