Customer Story
How Bank of America Uses Video to Get Personal
"It's just amazing the amount of engagement we get from our clients on this."
John Sellers
Preferred Rewards Executive, Bank of America
THE CHALLENGE
Preferred Rewards is Bank of America’s loyalty program for consumer banking and investment clients. Like most loyalty programs for banks, it’s designed to generate assets even as it improves customer experience and satisfaction.
It’s not easy to keep customers informed on the details of such programs. And it’s often not easy for customers to read or understand them, which makes improving customer satisfaction a challenge.
Bank of America realized a key pain point for Preferred Rewards clients was clarity of the program’s benefits. Customers knew they were getting benefits and rewards from the bank loyalty program, but they were unclear about what they were—or they weren’t keeping up with them.
THE OUTCOME
A Bank Loyalty Program Gets Personal With Video
To meet the challenges, Bank of America creates and delivers to all its bank loyalty program clients summary videos of their program activity. Delivered annually, these personalized videos convey transparency of rewards earned to available benefits.
“We see feedback where clients tell us the video helped them understand the program much better. As a result of that greater understanding, they engage deeper and bring in more assets to move up the ladder in the program.”
John Sellers
Preferred Rewards Executive, Bank of America
Bank Loyalty Program Members See Value in Video
Personalized video has had a significant, positive impact on the Preferred Rewards loyalty program for Bank of America. The greatest improvement is in the critical areas of customer loyalty, satisfaction, and engagement:
- The majority of clients feel highly valued after watching the video.
- The majority of clients indicate the video is highly relevant to them.
- The bank sees higher growth in assets for video viewers vs non-viewers.
“We’ve made it very seamless and frictionless for our clients so it’s been very well received. We’ve added in multiple calls to action so at the end of the video they can go to their My Rewards statement or set up an appointment with one of our bankers to make sure they’re getting the most out of the program.”
John Sellers
Preferred Rewards Executive
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PERSONALIZED VIDEOS. BUSINESS-SIZED IMPACT.
The SundaySky Video Platform has proven to engage customers. Engaged customers buy more, cost less to service, stay longer and tell their friends. Schedule a demo to see how video engagement can transform your customer experience and your bottom line.