CHICAGO — There’s no denying Groupon’s massive appeal to consumers. And not surprisingly, banks want in on that newer form of payment action.
Indeed, U.S. Bank Payment Services’s Chief Innovation Officer Dominic Venturo identified value exchange, aka loyalty points, as a next important building product for the industry.
“Loyalty points turn out to be savings accounts in a way,” said Venturo during his keynote at Net.Finance this week. Couple that fact with how consumers are moving more toward coupons and daily deals, and the need for loyalty innovation is acute.
“The deal mentality is picking up dramatically and incorporating it into our business model is key,” he said.
Separately, Oracle’s Director of Product Strategy Sandra Sanvido drove down a similar point to conference attendees. Though credit cards have had loyalty programs for some time, Sanvido stressed the need for rewarding consumers based on holistic relationships rather than one line of business.