Bank of America on unlocking greater accessibility in reward programs

Retention, engagement, and access — keys to better reward programs

Loyalty programs have evolved into a fundamental aspect of consumer culture, widely regarded as critical for fostering customer loyalty. However, questions remain: How effective are these programs in retaining customers, how do different generations interact with them, and how accessible are they to the average consumer?

I spoke with Shikha Narula, Bank of America’s Head of Rewards, to explore these topics and how Bank of America’s Preferred Rewards program, now a decade old, measures and evaluates its performance in these areas.

Q: How does Bank of America ensure that all members feel valued and engaged in the Preferred Rewards program regardless of their tier? 

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