eBucks today announced that its members have earned R3 billion worth of eBucks since the programme’s inception in 2000, with the vast majority having been allocated by FNB.
According to eBucks CEO Joland√© Duvenage, this milestone is a significant achievement given that the number of eBucks allocated to members has tripled over the last five years. eBucks celebrated the R1bn milestone in March 2008, reached R2bn in August 2011 and it took just 18 months to reach the next billion. ‚”This R3 billion milestone is a great example of how our members are getting meaningful value from their eBucks‚”, says Duvenage.
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 R226 million 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 says.
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.
‚””A key component to eBucks’ continued success has been our ability to deliver a programme that encourages high member activity and involvement. This in turn has a positive impact on our partners’ bottom-line by driving acquisition, retention and activity,‚”” says Duvenage.
The R3 billion awarded to eBucks members, has benefitted the programme’s earn partners as members rather support partners 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, a clear indicator of healthy member activity and engagement. When compared to the reward industry’s benchmark in developed countries, it averages between 60% and 70%.
According to Michael Jordaan, FNB CEO, 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. It is also a key element of the bank’s switching campaign and is used to encourage prospective customers to sign up with FNB.
‚””FNB customers remain the primary beneficiaries of the R3 billion earned to date. As a bank, we always look at various ways to help our customers by creating innovative solutions that puts money back in their pockets, and we are delighted to have made such a real difference in our customers’ lives through eBucks,‚”” Jordaan says.
‚””The fact that our customers have adopted smarter, more sensible banking behaviour, and members are keeping their FNB cards front of wallet to pay for their purchases so that they earn rewards, indicates that eBucks is a resounding success,‚”” he concluded.