Bank of America innovates with loyalty scheme

Some cynicism has been aimed in the direction of brands jumping on the “deals & discounts” bandwagon. Bank of America are undeterred, and are piloting a deal-based loyalty scheme with a difference. The service, BankAmeriDeals, offers targeted discounts for department stores, fast food chains and local restaurants.

The scheme is unique. Offers are associated with the individual customer’s Bank of America debit or credit card. The service profiles individuals according to their spending and offers relevant third-party discounts via their online banking. In order to redeem they need only purchase using their card – and the discount will be refunded on their next bank statement. And that means no more flashing your phone or bits of printed paper to check-out staff. [Watch].

A financial behemoth of Bank of America’s stature taking such initiative is interesting in itself. Naturally, the proof of the deal-pudding will be in the redeeming. For now though, BankAmeriDeals promises an authentic, sophisticated and seamless deployment of customer data that most loyalty schemes would envy. Efficient.