The story of South Africa's beleaguered banks is well known, but what they are doing to restore profits is more interesting. At least two of the big four are turning to their rewards programmes. There are strong rumours in the market regarding a complete relaunch of one of the big four's rewards programme and First National Bank (FNB), which is widely regarded as the most innovative South African bank, today revealed that its secret weapon is eBucks.

eBucks, which has long been recognised as South Africa's leading rewards programme and is known for having a substantial impact on retention and activity levels at its partners, has stepped up its operation to include a new focus on acquisition for its biggest partner, FNB. Always quick to respond with innovative solutions, eBucks has added another layer to its award winning programme and qualifying members are now able to take advantage of significant eBucks Discounts.

South African rewards programmes are typically focused on driving customer retention and activity and eBucks has an enviable track record in this regard with research showing that eBucks customers are 50% more profitable to FNB than non-eBucks members.

Lezanne Human, CEO of eBucks, said: "As the country's most powerful rewards currency we are uniquely positioned to leverage the more than R1 billion worth of eBucks that have been allocated to our members. We have seen a definite trend over the last few months where members are using their eBucks to extend their purchasing power."

eBucks has reported a fairly equal spilt between members switching their spend to essentials like groceries and members who previously saved up their eBucks who are now using them to reward themselves on treats that they would otherwise have to pay for with rands. Clearly being able to give customers access to a strong virtual currency has become an important selling point for partners.

"We intend to drive market share for FNB by offering discounts so good that you would be prepared to move your bank to get them - like 15% off on groceries and 20% off on flights. These discounts are available to FNB customers who are eBucks members and exhibit specifically defined behaviour", added Human

All of the most popular items in the eBucks shop (airtime, movie tickets, kulula flights and Woolworths vouchers) will be available at discounted prices to qualifying members. There are two clearly defined discount bands depending on whether payment is made in eBucks or rands.

Beyond the qualification criteria there is no other 'small print'. "A 50% discount is really a 50% discount", concluded Human.

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.