As the credit card industry revisits its playbook to better deliver against consumer expectations, the traditional rewards program paradigm is being reinvented.
Since the launch of the Diner’s Club credit card in 1950, credit card rewards programs have served as a major lever for the financial sector to acquire new customers and retain existing ones. And while rewards programs have evolved quite a bit since then, the proliferation of programs available on the market has created a consumer pain point when it comes to rewards. While loyalty and rewards remain a staple of the credit card customer relationship and business model, have they done enough to keep up with the way people live their lives today?
Brim Financial recognized the gap between consumer needs and existing rewards programs – and set out on a mission to deliver rewards to its customers in a more relevant, hyper personal way – and fully aligned with the way consumers live their lives today. This consumer-centric approach to rewards is already paving the way for the future, and altering the course of credit card loyalty programs for the long term.
While many legacy banking institutions are still working to reconfigure their loyalty and rewards programs in order to stay relevant with the dynamically evolving credit card loyalty customer segment, newer companies like Brim Financial are unencumbered by the past – and have the space and vision to create bespoke programs that add value to their customer’s lives in ways other loyalty programs are missing the mark.
“The entire concept of the platform is extremely consumer-centric.” says Rasha Katabi, CEO and Founder of Brim Financial. “What we build merges together the loyalty industry, banking and payments all in one, in real time. With no integration required and everything embedded seamlessly in our platform, the response to Brim has been overwhelmingly positive. Merchants have access to set bespoke offers while consumers benefit from hyper personalized and behavior-driven rewards, automatically and in real-time. Consumers also reap the benefits of instant redemption, allowing points to be allocated towards a purchase made at best market value anywhere in the world where Mastercard is accepted – that could be your Sunday brunch or flight to London.”
The Brim Financial Open Rewards card is fully integrated across all places Mastercard is accepted – around the globe.