FNB loyalty rewards changing
The bank said yesterday that it had simplified the way FNB Business and RMB Private Bank Business customers qualify, get rewarded and move up tiers.
“Businesses will be required to meet a new set of criteria based on the specific business accounts they hold, which includes having a specified minimum regular deposit in the account, performing at least one financial or non-financial transaction, ensuring that all accounts are in good standing and updating their details through online banking, app or eBucks.com,” it said.
FNB said the more solutions and products that businesses use, the higher they would move up reward levels and earn greater discounts.
Jesse Weinberg, the head of the SME Customer Segment at FNB Business said: “The eBucks Rewards programme for business has come a long way as a strategic enabler to reward our customers by encouraging them to change their banking behaviour for the better. As our customers evolve in line with changing market dynamics, so does our strategic focus to ensure that we continuously add value to their world while offering unique and superior customer experiences.
“We conducted extensive research prior to making changes, including in-depth customer surveys with our base. The outcome of this translated into the changes we are now launching, which we feel cater for the diverse customer needs as well as encouraging customers to evolve their banking behaviour toward more secure, digital approaches,” said Weinberg.
It said businesses could now move up reward levels simply by taking up relevant products with FNB, within the categories of FNB Connect, Receipts, Payments, Business Solutions, Specialised Products, Short-Term Lending, Fixed Term Lending, short and long-term savings.
Weinberg said the changes were aligned to the behaviour of many of its customers who already used two or more products. “As a result, we will immediately see several businesses who are currently on tier one moving up a reward level.”
For example, a Gold account holder (typically with an annual turnover between R0 and R5 million a year) can move up to a higher reward tier each time they take up a product in a different category.
As part of FNB’s new discounts feature, businesses had the potential to earn up to 40percent off on vouchers and other products from the eBucks Shop.
FNB said businesses with existing eBucks balances earned from the old programme would still be able to spend them with in-store or online spend partners.
Earlier this year, FNB announced other changes to its eBucks loyalty programme, including giving clients the ability to earn double their fuel rewards on a quarterly basis with up to R8/* back at Engen petrol stations.
Other new earn categories that were launched included earning up to 15percent back in eBucks at KFC stores and up to 40percent back in eBucks on InterCape bus rides for FNB Gold customers.