Cape Town - Participants in First National Bank (FNB) and Rand Merchant
Bank Private Bank's reward programme eBucks have earned R3bn worth of
eBucks since the programme’s inception in 2000, with the vast majority allocated by FNB, it was announced on
According to eBucks CEO Jolandé Duvenage, this milestone is a significant achievement given that the number of eBucks allocated to members has tripled over the last five years.
The programme celebrated its R1bn milestone in March 2008 and reached R2bn in August 2011.
Said Duvenage: “This R3bn milestone is a great example of how our members are getting meaningful value from their eBucks.”
Innovation has been a strong contributor to the increased rate at which eBucks members have earned rewards.
This includes being the first rewards programme in South Africa to give members up to 15% back on their fuel and airtime spend when they purchase fuel on their qualifying FNB card, or when buying airtime through FNB’s electronic banking channels.
Together, the eBucks allocations for fuel and airtime purchases have contributed to over R226m since the launch of these earning opportunities.
“These are very real benefits, which have helped reduce two areas of basic and ongoing everyday expenditure for our members – the costs of travel and communication," Duvenage said.
The addition of premium online and in-store "earn" partners – Makro, Dis-Chem Pharmacies, Incredible Connections, kalahari.com and Nashua Mobile to name a few - over the last few years has also boosted eBucks’ members ability to earn rewards, further contributing to the increased earn rate.
The R3bn awarded to eBucks members has in turn benefited the programme’s earn partners, as members prefer to support stores where they can earn eBucks.
An indication of whether a rewards programme adds value lies in the amount and frequency that partners allocate rewards to members and the extent to which members then spend those rewards.
According to Duvenage, the eBucks average spend to earn ratio can exceed 80% in any given month, compared to a 60-70% industry benchmark in developed countries - a clear indicator of healthy member activity and engagement.
According to FNB CEO Michael Jordaan, eBucks is an integral component of FNB’s broader strategy to offer its customers increased value for their positive banking behaviour and in turn reward them accordingly.
FNB won the Most Innovative Bank of the Year Award at a prestigious global award ceremony in Washington DC in October 2012.
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