Archive for November, 2010
Drives Incremental Fee Revenue for Financial Institutions While Rewarding Consumers for Everyday Behaviors STAMFORD, Conn. – November 2010 – Affinion Group, a global leader in customer engagement solutions that enhance and extend the relationship and loyalty of millions of consumers of financial service, retail, hospitality and e-commerce companies, today announced the launch of Flex Checking, its newest customer engagement strategy for banks and credit unions.
Flex Checking allows financial institutions to reward consumers for certain everyday behaviors, such as switching to online statements and paying bills online or using their debit card more regularly. Consumers are also rewarded with value-added benefits such as fraud protection and everyday savings at local retailers. If consumers participate in enough of these behaviors, they can gain these rewards at no charge.
Now that the Regulation E deadline for opting in for overdraft protection has passed, financial institutions all around the country are assessing their income gap. Many are seeing a decrease in their overdraft fee income and are searching for alternative ways to regain those revenues. Value-based solutions, such as Flex Checking, can be an ideal means to help financial institutions fill that gap as they create a sustainable revenue stream and deepen the relationship with their account holders.
“Flex Checking, our latest generation in checking account strategies, provides our partners an alternative source of revenue with a sustainable solution that drives profitable customer behavior,” said Todd Werner, GVP of Affinion Group. “Additionally, we believe that the consumers who have this account will become more loyal and engaged to their financial institution.”
The demand for relevant, timely financial services has never been stronger among consumers. Flex Checking provides financial institutions the opportunity to better engage account holders by providing valuable services consumers are seeking at little to no charge to the account holder. Additionally, the solution alleviates some of the challenges financial institutions are having with continuing to offer free checking accounts, by providing a solid strategy for financial institutions to offer better value to account holders in their checking account and creating an alternative revenue stream for the institution. It’s a win, win for consumers and financial institutions.
About Affinion Group
As a global leader with more than 37 years of experience, Affinion Group enhances the value of its partners’ customer relationships by developing and marketing loyalty solutions. As the leader, Affinion pioneered the integration of financial and non-financial benefits to deliver greater consumer value and help financial institutions differentiate their accounts and generate sustainable business models. Leveraging its expertise in customer engagement, product development and targeted marketing, Affinion provides programs in subscription-based lifestyle services, personal protection, insurance and other areas to help generate increased customer loyalty and significant incremental revenue for more than 5,500 marketing partners worldwide, including many of the largest and most respected companies in financial services, retail, travel, and Internet commerce. Based in Stamford, Conn., the company has approximately 4,000 employees throughout the United States and in 12 other countries, primarily in Europe, and markets in 15 countries globally. Affinion holds the prestigious ISO 27001 certification for the highest information security practices, is PCI compliant and Cybertrust certified. For more information, visit www.affinion.com.
If you have any questions or want more information please contact me or your Affinion Representative today!