Community Financial Institutions Leverage Buzz Points in Wake of COVID-19
Powerful platform supports local businesses, promotes loyalty, and drives non-interest income
Buzz Points, Inc. is an Austin, TX-based fintech that offers an innovative rewards platform for community financial institutions. The flexible platform is frequently used to drive non-interest income, deposits and for loan acquisition, and is now demonstrating its ability to support the community’s local businesses and consumers.
Buzz Points’ proprietary redemption option, Real-Time Rewards, features card-linked rewards to any local business that the institution wishes to support, encouraging consumers to shop at local businesses during this critical time. Financial institutions may also choose local or national charities to list as redemption options where their cardholders may donate points for cash donations.
As financial institutions are looking for ways to support their community during the pandemic, Buzz Points recommends they look into some or all of the following ideas for immediate assistance for their cardholders:
- Make your cardholder’s money go further – if you have a reward program, award additional points for purchases and bonus points for grocery stores, pharmacies, gas stations, utilities and any other merchants that you identify as important to your cardholders at this time
- Promote local charities that support those struggling in your community by listing those charities as redemption options
- Allow your cardholders quick access to some extra money. If you have a reward program, reduce the redemption rate for cash Gift Cards from Visa, Mastercard or AMEX
- Support the need for deliveries. Ensure that the following are on your list of gift card redemption options in your reward program:
- Uber – Can be used for Uber Eats to support those restaurants that are being forced to deliver only.
- Reduce the cost of in-home entertainment. Your account holders are stuck at home and having to invest in entertainment, perhaps you can help with that burden by offering discounts on:
- Amazon Prime
- Google Play
- Xbox Live
“Now is the time to act,” says Buzz Points CEO, Dwayne Spradlin. “We are all looking for ways to support our communities and Buzz Points is looking for ways to support the financial institutions that will keep local economies afloat.”
In order to help as many financial institutions and local communities as possible, Buzz Points has decided to speed up implementation time and waive the first 3 months of platform fees for new partners.
“We have used Buzz Points for years to drive debit card use and increase non-interest income, it’s wonderful to be able to use the flexibility of the program to simultaneously help our cardholders and support our community,” says Craig Boivin, VP of Marketing at UMassFive College Credit Union, a long-time client of Buzz Points.
Buzz Points continues to work hard to find creative ways to help its partner institutions drive valuable non-interest income during this stressful time, while at the same time demonstrating their loyalty to their account holders and their communities.
“Buzz Points was founded on the values of supporting Community Financial Institutions and their communities. While our platform has evolved to be able to drive many more behaviors, we are uniquely positioned to help financial institutions drive valuable non-interest revenue while supporting local businesses,” Spradlin says. “As always, we are glad to do anything we can to help our partner financial institutions and their communities. We will get through this together.”
With its flexible platform capabilities, Buzz Points continues to be a preferred growth and loyalty solution for community financial institutions across the United States.