February 24 Loyalty Market Update
Welcome to our February Loyalty Update for Australia and New Zealand. This is the first update of the year. We hope this helps to keep you in the loop or confirms what you already know. We publish loyalty news as it happens on LinkedIn here for Australia and here for New Zealand.
Loyalty Update highlights below, subscribe to receive the detailed market update.
AUSTRALIA
A significant launch - Commonwealth Bank’s scales Yello whole of bank loyalty program - one of the few in the world
Australia’s biggest bank’s new whole of bank loyalty program, Yello, focuses on building longer-term competitive advantage and differentiation in banking. Competitors ANZ and Westpac trade at 1.1 times book value, NAB at 1.5 times while CBA is at 2.4 times (one of the most richly valued banks in the world). CBA is building out a fully integrated loyalty and services business. The commercial goal is payments and digital primacy.
NAB’s customer brain is also focused on retention
NAB's customer brain project is focused on driving customer loyalty and stopping leakage to rivals. The project is powered by 200 machine-learning models with 36 billion data points that include both transactions and the way customers use the NAB banking app. Its goal is to deliver the precise products to the right customers while sorting out day-to-day banking problems before they arise.
NEW ZEALAND
A huge change: Woolworths launches Everyday Rewards and becomes a new credit card loyalty currency through ASB’s True Rewards
Countdown Supermarkets Onecard switched to the successful Woolworths Group Everyday Rewards program from Australia. Vineonline (a Woolworths business unit), BP and ASB join as partners. The 20-year-old Onecard and the previous coalition that all three partners belonged to, AA Smartfuel, both shut down on 31 January.
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