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Rewards SummaryThe Rewards program was created in June 2024 and rolled out to 80% of newly signed-up personal banking customers. It offers cashback on specific types of transactions. The current categories for cashback rewards include: Types of rewards
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Why are we reviewing rewards?We are preparing to launch new pricing for bank transfers and want to review the Rewards program to soften the impact of these new pricing changes, especially for business banking users. There are two major areas we want to address before the launch:
New rewards (cashback) amountsThe new rewards update will give the following cashback amount for bank transfers for the following account types:
User experienceWe also conducted research on the current user experience with a focus on the following key areas for potential improvement:
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Speed of rewardsWe have already worked on optimizations to the speed at which rewards are delivered. These are captured in this document: /wiki/spaces/MAE/pages/1449459740 Rewards user experience
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Business Case & Justification
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Why are we reviewing rewards?
We are preparing to launch new pricing for bank transfers and want to review the Rewards program to soften the impact of these new pricing changes, especially for business banking users. There are two major areas we want to address before the launch:
Speed of rewards
Rewards user experience
New rewards (cashback) amounts
The new rewards update introduces the following amounts for bank transfers..
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0-5000
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5001-50,000
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50,000 above
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Cashback
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Personal
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N10
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N10
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N10
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N10
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Business without POS KYC level 3 and below
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N10
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N10
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N10
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N10
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Business without POS KYC level 4 and above
(Corporate Business)
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N10
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N20
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N40
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N/A
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Business with POS
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N10
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N20
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N40
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Star Level
Mega: N7
Super: N3
(50,000 above)
We also conducted research on the current user experience with a focus on the following key areas for potential improvement:
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Discoverability: How easy is locating the Rewards section on the dashboard?
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Speed of Cashback: How quickly do users receive feedback on a collected reward?
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Ease of Use: How easily do users monitor and cash out rewards?
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Current performance of rewardsThe Rewards Program has been highly effective in driving key growth metrics, and there is strong evidence to suggest that launching it to all customers would significantly benefit us.
Rewards MetricsWe are already tracking key account data on Rewards performance. You can access the live dashboard here, where we monitor general activity and trends: .https://hera.teamapt.com/dashboard/rewards-hm-?p_Account Opened Period=["Post-Rewards Accounts"] To summarise, our current Rewards program has led to: Improved Conversion: Rewards significantly increased user engagement, particularly for Non-Referral customers who are harder to convert. Higher Revenue: The uplift in revenue and transaction volume shows that rewards effectively drive business value. Long-Term Engagement: Users who engage with Rewards are more likely to transact repeatedly, creating sustainable growth. |
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!! Expected delivery: 27 October 2024https://teamapt.atlassian.net/l/cd/bCTpA0H6 |
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