A recent national survey of local loyalty programmes has named eBucks first in the financial services category ahead of four other top industry contenders, praising the rewards programme for its delivery and innovation.

The 'Value in Loyalty Programmes 2003' survey conducted by research groups World Wide Worx and Razor's Edge Business Intelligence, judged nominees on quantifiable deliverables such as cash value, value-added benefits as well as reward choice and appeal.

According to the report, the eBucks membership has grown significantly in the last year, moving from 375 000 to 560 000 registered members in April this year, when the survey reached its investigative conclusion. Moreover, the earnings rate of eBucks has increased by a 40% average in the same time - translating into members attaining desired rewards faster. The eBucks spend rate has also seen a substantial increase of 122% in the last financial year amounting to R30m. Head of eBucks Rewards Programme, Deon Olivier, ascribes the significant buy-in from customers in part to the inclusion of First National Bank's cheque accounts as a means to earn points. The move was a first in the South African financial services sector, and the survey researchers identify this as one reason, in their view, eBucks has the edge over its competitors. Bruce Conradie of Razor's Edge says, "eBucks has done well with rewarding the payment mechanism. It was the only programme we found among the 18 that we surveyed that rewards, besides credit card transactions, debits and credits on a cheque account".

Working closely with its partners, eBucks has seen a marked increase in value of the programme and Olivier says the deliverables are most clearly demonstrated by the increase in partners' customer acquisition and retention. The number of accumulated, redeemable eBucks has grown from R75 million worth to R126 million, pointing not only to customer enthusiasm, but also the inherent value to programme partners. A main area of focus for the programme going forward is to further increase the spending of these eBucks accumulated.

As mentioned in the report, one of the key areas of success for a programme is the appropriate mix of partners from both a brand and value offering perspective. The recent addition of the British Airways Executive Club to the programme has been exceedingly well received by customers who are frequently choosing to give custom to eBucks partners thereby scoring two-fold on purchases. A sign of this venture's success has been the exchange of over one million eBucks to BA miles since the alliance's launch in May 2003. In the survey, the British Airways Executive Club was forefront in the Frequent Flyer category, thus enforcing the association value of two powerful brands and effective programmes which offer members increased value through their collaboration.

According to Conradie, "Most people don't realise rewards programmes fall into two categories: those that reward customers for buying a particular product and those that reward the payment mechanism. Consumers who want to make the most of rewards should belong to two types." eBucks is just such a programme, with members being rewarded for the transaction made as well as the purchase of a particular product.

Gearing up for further improvement, eBucks is currently in negotiation with other prominent in-store partners with strong brands and national market presence to join the programme, and Olivier says the rewards programme is continuing to exercise its innovation to bring both its customers and its partners' meaningful value.

About eBucks:

eBucks, the rewards programme offered by First National Bank (FNB) and RMB Private Bank, is acknowledged as one of South Africa's leading rewards programmes with highly active members spending in excess of 80% of the eBucks earned in any given month.