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Virgin Money Australia and Ascenda set new standard for digital banking with bank-wide rewards

Virgin Money Australia and Ascenda set new standard for digital banking with bank-wide rewards

  • Virgin Money Australia leveraging Ascenda’s innovative technology to deliver a highly personalised experience, rewarding customers across entire banking relationship
  • Rewards encompass transaction and savings accounts as well as incentives for good financial management to help customers make their money go further
  • Programme brings range of innovative propositions, including personalised bank and partner offer recommendations
  • Home loans and other banking products will be added to the rewards programme over time

 

Singapore, 27 April, 2021Ascenda, the global loyalty technology company, has unveiled its disruptive launch of Virgin Money Australia’s much anticipated digital bank loyalty programme, which breaks new ground by extending across the entire banking experience and sets new global standards for customer engagement in consumer financial services.

At the time of launch, rewards encompass card spend, transaction and savings accounts, as well as incentives for good financial management to help customers make their money go further. Home loans and other banking products will be added over time.

The new programme, which sits at the centre of the Virgin Money Australia digital bank experience, is leading a continued global surge of brand investments in loyalty and rewards, exceeding USD 387bn globally in 2020, according to data aggregated from Alliance Data and Euromonitor. It introduces a transformational opportunity for challenger banks globally to grow revenue and market share by differentiating beyond their classic focus on low fees and easy user experience. Relative to traditional banks, who are often encumbered by complex and costly legacy systems, these challengers are more technologically advanced and hence ideally placed to create a more holistic customer value proposition through personalised bank-wide rewards.

Kyle Armstrong, Ascenda’s CEO, said, “We’re delighted to launch this innovative and holistic bank rewards program with Virgin Money Australia. It breaks new ground when it comes to bank-wide rewards and hyper-personalization, and sets a new benchmark for how leading consumer banks globally can think about customer engagement in the future.”

Mr Greg Boyle, Virgin Money Australia CEO said: “Our loyalty program is a core value proposition of the new Virgin Money digital bank and represents a powerful tool to share real value with customers. Ascenda’s unique package of superior technology, plug-&-play content, merchant and card-linked offer capabilities and rapid implementation has truly made loyalty simple for Virgin Money.”

The Virgin Money Australia Digital Bank is now available to download in the App Store and Google Play.

 

About Ascenda

Ascenda is a global provider of loyalty technology powering rewards propositions for leading financial services brands and merchants worldwide.

Ascenda makes loyalty simple through solutions rooted in simplicity and beautiful design.  With deep market expertise, cutting-edge technology and a rich global content network, Ascenda delivers fully digital, user-friendly and highly compelling rewards offerings that enable banks to build deeper customer connections across the entire banking relationship.

For more information about Ascenda, please visit www.ascendaloyalty.com.