First National Bank's (FNB's) rewards programme, eBucks, will add more products to its basket, in a bid to build relationships with the bank's customers.
Since launch 10 years ago, more than two million members have spent over R1.6 billion in rewards, the bulk of which was earned through spending with FNB credit cards.
Joland'e Duvenage, recently appointed as CEO, says eBucks needs to be relevant to what customers want. “Rewards programmes are only as sexy and valuable as the value they offer... people are using eBucks to stretch their rand.”
Growth plans
Duvenage says eBucks is seeking new items to add to its basket that will give consumers more value. While she would not be drawn on what sort of offerings the rewards programme is looking into, she says these will hinge around “the real things that you worry about every day”.
The virtual money is earned when FNB customers shop, and can be spent in physical outlets such as Makro and Incredible Connection, as well as online through the eBucks portal and other partners such as Look and Listen and Kalahari.net.
The programme recently offered customers the opportunity to buy petrol with the virtual currency at Engen's 600 fuelling stations. eBucks can also be used to buy airtime, and these purchases now make up 5% of all spend, after launching towards the end of last year.
retail partners. Typically, companies will grow by between 15% and 25% after joining the programme, although it takes about a year to bed down.
The company is also considering moving into Africa, as FNB has a presence on the continent. Duvenage says the strategy is to follow FNB into new markets over time. However, many African markets are small, and the business case must make sense, she adds.
Shifting sands
Duvenage is one of the original eBucks team members responsible for launching eBucks.com in 2000. “I was one of those who arrived here right at the beginning, without knowing what the company was going to be doing. Ever since then, it's always been that rollercoaster.”
Duvenage says the rewards landscape is rapidly changing, and offering significant value will distinguish programmes that have a true impact from those that don't.
She believes rewards programmes in SA are going to become a lot more targeted in what they offer.
While many of these programmes currently only benefit a small group of people, the key will be to create wider appeal and make them relevant to lower income groups, Duvenage says. “It's about trying to use technology in our space to deliver real value.”
Duvenage says the “increase in programmes, and greater commitment from companies, has really matured the market and created some healthy competition.”
Duvenage succeeds Lezanne Human, who, after six years at the helm of eBucks, has moved onto another role within FNB.
Share