First National Bank’s eBucks is the most popular loyalty programme of those offered by the four retail banks, by a long way. This year’s Truth & BrandMapp Loyalty Whitepaper, released this week, shows that 36% of respondents use eBucks, while only 15% use Absa’s Rewards, 14% Standard Bank’s UCount, and 8% Nedbank’s Greenbacks. Capitec does not offer a loyalty programme. Insights contained in the whitepaper are derived from the responses of more than 25,000 economically active South Africans who took part in an online survey comprising 270 questions relating to product usage and loyalty programmes. According to the report, FNB is the only bank that publishes the rate of redemption of rewards, claiming that approximately 85% of eBucks rewards earned by members this year were redeemed, and that the value of these rewards equated to R1.8bn. Nedbank and Absa boast ease of redemption as key drivers of engagement with a loyalty programme, the report says. The Nedbank Shop card and Absa Rew...

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