In the world of consumer finance, product success is a consequence of how easily customers can both use and take advantage of your product. Many companies are finding it increasingly important—as well as challenging—to retain their customers and cultivate both lasting relationships and customer loyalty. In this competitive game, customizable and comprehensive rewards programs have emerged as a crucial strategy to win over customers and stay ahead of the competition.
On the enterprise side of the market, companies are jostling for the slimmest of advantages to keep customers coming back. In a recent survey conducted by Paxos, 3 out of 4 US finance companies said they were actively exploring a cryptocurrency loyalty and rewards program and 2 out of 10 had already launched one.1
The reason for this is simple: customer demand is constantly increasing. In an industry survey, 78% percent of all consumers say they would switch brands for a better loyalty program. And still more experts tell us 62% of consumers are more likely to spend more on a brand with a rewards program.
The idea that a rewards program is rewarding to all is well-established. The overall value of each program is more nuanced and a truly great one should focus on how you can offer varying rewards to entice and appease the most customers.
Rewards is an accessible, safe entry point to crypto and blockchain
Customers willingly share their business and loyalty with a brand, expecting fair and transparent treatment in return. Therefore before an enterprise can offer a rewards program it must ensure all aspects of the program are fair, fully compliant with law and secure.
Paxos’ crypto rewards is an industry leader in helping enterprises build world-class crypto rewards programs with the security and attention to risk one would expect from a regulated infrastructure provider. What’s more, Paxos’ crypto rewards can map to existing loyalty programs, which is more accessible for some companies and their customers than building a brand new trading experience.
Even in the midst of a bear market, many financial companies are still moving forward with their plans to launch block-chain based solutions. In our latest market survey of financial companies, we saw 99% of respondents indicate their companies are pursuing blockchain or crypto projects with equal or higher priority now than versus this time last year.2
In addition to Paxos crypto rewards as an accessible entry point to crypto and blockchain, when launching their program enterprises can expect to:
- Attract and retain users interested in engaging with digital assets through a new blockchain-powered rewards experience
- Create a new revenue stream by enabling in-app crypto trading with earned rewards
- Easily integrate crypto rewards using the blockchain platform and APIs trusted by the world’s leading financial services companies
Another valuable aspect of Paxos’ crypto reward program is that enterprise end users can access their rewards using their existing enterprise account within an enterprise app – creating seamless user experience for them and a significantly easier build for product teams. Listed below are the two paths to implementing crypto rewards:
- Reward engagement with crypto*
- Like most other traditional loyalty programs, crypto can be awarded based on existing or new program rules.
- Convert current loyalty points to crypto*
- Alternatively, enterprises can offer their clients the ability to convert existing loyalty points into crypto.
*If you are already a Paxos customer, set up time with your account manager to learn more!
Engage and attract users with a new loyalty option
Originally created as an added bonus to attract and retain customers, loyalty programs have come a long way and many companies offer an array of reward options to their users. For example, Capital One, seeking a way to differentiate its rewards program, developed an array of high-end perks for their low-fee Venture card, with a program that is easy to implement.
When working with Paxos to offer crypto alongside other rewards, enterprises can attract a new and worthwhile audience segment of digital-asset enthusiasts, while improving engagement with existing users without the burden of a heavy integration.
Create a new revenue stream by enabling in-app crypto trading with earned rewards
Additional revenue streams allow businesses to explore untapped opportunities, reach new customer segments and adapt to evolving market demands. They also enable companies to stay ahead of competitors and expand their market presence.
Paxos crypto rewards is not only easy to implement, it opens up a new way to engage existing (and new!) users, and if you allow users to trade their crypto rewards in your app, you can earn revenue from the trading activity.
Enterprises across the globe are seeking out new revenue streams now more than ever to adapt to dynamic market conditions, mitigate risks and stay resilient amid uncertainties. Diversification with a crypto rewards program from Paxos can boost financial stability and drive sustainable growth.
Rewards beyond loyalty
In the current digital landscape, businesses need innovative ways to attract and retain users, especially those intrigued by digital assets. By enabling in-app crypto access with earned rewards, enterprises can tap into the growing interest in cryptocurrencies, enticing users to ease into the digital asset ecosystem or continue to benefit from an industry where they are already active participants.
Learn more about how you can seamlessly integrate Paxos crypto rewards using Paxos’ blockchain infrastructure to unlock a new way to engage and attract customers, build a new revenue stream and stay ahead of the competition.
1Online survey among employees at US banking, fintech, payments, and brokerage companies commissioned by Paxos from a third party. Data is based on responses to “At what stage is your company pursuing the following types of crypto or blockchain projects?” (Survey: N=400, June 2023)
2 Online survey among employees at US banking, fintech, payments, and brokerage companies commissioned by Paxos from a third party. Data is based on responses to “Is your company more or less likely to pursue a blockchain or digital asset project now than it was 1 year ago?” (Survey: N=400, June 2023)