TD to introduce loyalty program that turns points on everyday purchases to currency at select stores
Details on what retailers will be included haven’t been released
TD will soon be introducing a new loyalty program to its customers.
The news came during the banking giant’s TD Tech Day event, an annual occurrence that invites media to preview the bank’s new initiatives.
The rewards program will be embedded within TD’s mobile banking app and allow customers to earn points on purchases they make through various retail vendors. It’s not clear what vendors will take part in the program.
Imran Khan, head of global innovation at TD, told MobileSyrup the app is an evolution of the data-driven experience launched a couple of years ago. That allowed customers to view spending patterns and estimates of their financial situations weeks down the road.
David Reilly, VP of partnerships and loyalty at the institution’s credit card department, says the program will use spending trends, and customer needs to provide people with recommendations on where they can collect and spend points.
“We’re making the investment to do it right within our core mobile banking app, really making it easy for customers to redeem their points in areas that matter to them,” Reilly said.
The program has three areas of focus. The first is connecting loyalty experiences digitally. The second focuses on balancing aspirational experiences with everyday rewards. Reilly explained customers are looking for flexibility in their rewards programs, which allows people to redeem points on various things, like travel or a simple coffee. The third area is for the program to evolve as customer preferences change to stay fresh and relevant.
The program has different tiers of loyalty experiences with opportunities to enhance how many points are earned. This feature won’t be present when the program is launched but will be part of the complete experience of the program.
While TD does have similar options, such as its points program with Amazon, it’s limited to who can access it. Only customers with one of four Visa credit cards can collect points through Amazon purchases that can be used to pay for products.
Khan says this program will be different. “Everyone will have access to a selection of benefits,” regardless of what card they hold.
Image credit: ShutterStock