Retail Bank Loyalty Program Research:CAGR of 5.7% during the forecast period

Retail Bank Loyalty Program Market SummaryLoyalty programs have emerged as one of the key marketing tools in the global retail banking industry. Retail banks offer a number of loyalty programs in developed economies, however many of these are commoditized. This has compelled banks to introduce innovative programs in order to remain both competitive and profitable.

There is also an increased pressure on costs due to new regulatory trends in last five years. Loyalty programs are being viewed as an important revenue-driving tool and have been proven to reduce customer acquisition costs.

Retail banking in emerging economies is still in its developmental stages, as illustrated by its relatively low loyalty program penetration rates. Traditionally, banks and other card issuers have offered reward programs based on a customer income level and demographic profile. Banks are now segmenting customers based on their lifestyle choices and purchasing behaviour. The use of analytical tools to better understand consumer spending patterns and offer personalized reward programs has increased in terms of adoption rates. The approach allows card issuers to launch customized rather than blanket programs to all customers. This approach also helps to target and isolate the most profitable customers and phase out the programs that do not offer significant value to a bank's overall business. Moreover, analytics are enabling banks to provide location-based, real-time discounts in collaboration with merchants. The successful implementation of analytic-based reward programs has become a key differentiating factor for banks.

According to the new market research report “Global Retail Bank Loyalty Program Market Report 2023”, published by QYResearch, the global Retail Bank Loyalty Program market size is projected to reach USD 1,534 million by 2029, at a CAGR of 5.7% during the forecast period.

• Global Retail Bank Loyalty Program MarketSize(US$ Million), 2022 VS 2029

Snapshot from QYResearch Report: Global Retail Bank Loyalty Program Market Report 2023.

• Global Retail Bank Loyalty Program MarketSize(US$ Million), 2018-2029

Snapshot from QYResearch Report: Global Retail Bank Loyalty Program Market Report 2023.

In 2020, the world is experiencing the COVID-19 epidemic, which has caused a lot of losses to the economies of many places around the world, and the market size of various industries has been affected to a certain extent. But Retail Bank Loyalty Program market is less infected and the market size is declined 2% in 2020.

Emerging trends in technologies such as big data analytics, artificial intelligence, and machine learning would positively impact the market. Big data analytics integrated with AI systems enhance the steps in analyzing and understanding customer requirements. Big data analytics also helps in comprehensive data management, whereas various machine learning algorithms are developed to understand customer’s requirements. Artificial Intelligence helps in replicating a human-like communication environment. Deployment of these technologies enables the organization to centrally track the database of the customers, analyze their behaviour and preferences, automate workflow, enforce data privacy, and serve efficient loyalty management services. As the online and physical services merged, it has started providing seamless integration of services to the customers. The customers get continuous updates regarding real-time and time-limited quote about the product through their mobile applications or social media. Mobile-based services would trigger loyalty management market growth.

The global top 10 manufacturers includes FIS Corporate, Maritz, IBM, TIBCO Software, Hitachi-solutions, Oracle Corporation, Aimia, Comarch, Exchange Solutions, Creatio. In 2022, the global top 10 players had a share approximately 70.6% in terms of revenue.

• Retail Bank Loyalty Program,Global Top 10 Players’Ranking and Market Share in 2022

 Snapshot from QYResearch Report: Global Retail Bank Loyalty Program Market Report 2023.

Based on the program type, retail bank loyalty program is divided into subscription-based program, points program, others. Among them, Points Program occupies the largest market share. It is with a share of 70.2% in 2022.

• Retail Bank Loyalty Program,Global Market Size, Split by TypeSegment 2018-2029

Snapshot from QYResearch Report: Global Retail Bank Loyalty Program Market Report 2023.

Based on the customer, Retail Bank Loyalty Program is divided for personal user and business user. Among them, personal User holds the largest market with a sales share of 77.8% in 2022.

• Retail Bank Loyalty Program,Global Market Size, Split by ApplicationSegment 2018-2029

Snapshot from QYResearch Report: Global Retail Bank Loyalty Program Market Report 2023.

For regional analysis, the report focuses on North America, Europe, South America, Asia-Pacific, Middle East and Africa. North America occupies largest market with a revenue share over 49.8% in 2022.

• Retail Bank Loyalty Program,Global Market Size, Split by Region2018 VS 2022 VS 2029

Snapshot from QYResearch Report: Global Retail Bank Loyalty Program Market Report 2023.

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