Loyalty and Security: How Blockchain Can Revolutionize Your Customer Rewards Programs


Asset Token is the world’s first transferable rewards points ERC20-compliant token on the Ethereum Network designed to enable financial institutions to quickly, easily, and securely manage loyalty programs. Asset Token seeks to revolutionize the rewards industry and create a self-sustaining ecosystem that will grow in value for all participants over time.

The Asset Token is a “NOW” implementable token. Financial institutions can directly buy the Asset Tokens via any payment method or from users who currently hold Asset Tokens on participating exchanges. Financial institutions can use Asset Tokens as a redemption on their current rewards programs or convert entirely to Asset Tokens to replace their current systems. Banks can easily integrate the ERC20 wallet standard to user’s accounts and deploy a management system for distributing Asset Tokens among users. Additionally, the built-in transparency of the Ethereum network is perfectly designed for a rewards point system that does not reveal critical user and banking information.

To learn more about how Asset Token is revolutionizing rewards programs for consumers — and how your organization can reap the benefits — visit https://www.assettoken.io/ today!

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Loyalty and Security: How Blockchain Can Revolutionize Your Customer Rewards Programs
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What you will learn in this eBook

There are more than 2.6 billion loyalty programs in the U.S., and for good reason: Consumers really like them. In one survey, 80 percent of respondents said they are more likely to use a bank that offers rewards. Among millennials, the number was even higher, at 89 percent.

Additionally, nearly three-quarters of credit card users participate in credit card rewards programs. Among all consumers, 75 percent favor companies that offer rewards programs.

Rewards programs also produce significant R.O.I. for merchants and financial institutions. It is 5-25 times more expensive to gain a new customer than it is to retain an existing customer. Increasing customer retention rates—which loyalty programs are designed to do—can have massive benefits. A 5 percent improvement in customer retention can increase profits by 25-95 percent.

Existing customers spend 67 percent more than new customers, and they spend even more when a loyalty program enters the equation: One report found that consumers spend 37 percent more with a brand when they are loyalty program members.

Sneak peek

Consider the kind of credit card rewards program a financial institution may already have in place. Program members receive points for each purchase they make with their credit card. A consumer can choose to redeem their points for certain rewards, often including cash back.

Consumers can manage their accounts via an online portal. They can also use the portal to access the list of rewards on offer and redeem their points.

This rewards program may seem straightforward, but it’s far from streamlined. The program requires a certain amount of manpower on the financial institution’s end, including customer service agents, reward fulfillment specialists, program administrators, and others. Consumers may be dissatisfied with the rewards options offered, and they may feel it takes far too long to earn points.

Consumers are also trying to juggle this rewards program with other credit card rewards programs. After all, 70 percent of American consumers have credit cards, and the average credit card holder has three cards. That means the average credit card holder has to use three different online portals to manage their three credit card rewards programs. The more rewards programs a consumer uses, the more likely they will be to drop out of some of those programs altogether.

Chapters

What Does Your Reward Program Do For You?
How Blockchain Can Improve Your Rewards Program
Hypotherical Use Case: Traditional Rewards vs. Blockchain
Presenting Asset Token: The Blockchain-Based Rewards Solution

About the author

Matthew Kosinski
Matthew Kosinski
Matthew Kosinski is the managing editor for Recruiter.com. 
A graduate of Rutgers, Matthew is an experienced writer and editor
Loyalty and Security: How Blockchain Can Revolutionize Your Customer Rewards Programs