Imagine your customers or members going to the pump and getting cheaper gas every single month. Think they’d appreciate your financial institution making that happen for them?
Inspired by popular grocery store programs, StrategyCorps’ new BaZing Fuel program takes fuel rewards to a whole new level by letting financial institutions offer checking accounts that help consumers save money when they visit any participating Shell station. For your FI, in a customer- or member-friendly way, it will:
- Rev up recurring revenue.
- Increase interchange income.
- Retain more primary customers/members
- Drive deeper consumer relationships.
BaZing Fuel offers today’s consumers the reward that means most to them: instant cash back at the gas pump at participating Shell gas stations around town and across America.
You don’t have to take StrategyCorps’ word for it: a 2019 Cornerstone Advisors survey of 2,506 U.S. consumers with a checking account and smartphone reveals fuel rewards are the rewards currency consumers genuinely crave.
Why financial institutions are filling up on BaZing Fuel
Simply put, the attraction is a powerful one. Savings are significant enough that more than half of consumers surveyed admit they’d be willing to change current payment behaviors and disrupt their daily routines to save.
Here’s just a taste of how fuel rewards are driving today’s consumer behavior:
- 84 percent of consumers surveyed are aware of fuel rewards programs and how they work.
- 56 percent of them said they’d pay with a debit card instead of credit to save 10¢ per gallon on gas.
- 48 percent would drive five minutes out of their way to save 10¢/gallon.
No other debit card rewards program can deliver the true ROI of BaZing Fuel to your financial institution and its customers or members. The timing is right as more consumers return to the brick-and-mortar workplace — they’re filling their tanks more often, to where they’re now approaching weekly, pre-pandemic levels.
The engagement improvements your financial institution needs
There’s a reason StrategyCorps has tied BaZing Fuel to debit card usage — it’s the best way to boost Americans’ collective 227 million daily debit transactions even higher, said StrategyCorps partner Dave DeFazio.
“After all, the more BaZing Fuel can impact consumer behavior and payment choices, the more interchange income your financial institution can realize — and the more engaged and brand-loyal your customers or members will be,” he said.
One of the most critical aspects of the BaZing Fuel program is that StrategyCorps has made fuel rewards incredibly easy to earn. Once your customer or member activates BaZing Fuel, they’ll receive their first fuel reward. Then, they’ll earn more rewards after just 15 qualifying debit card swipes each month (with additional swipes rolling over into a “rewards bucket” that holds excess swipes until consumers can redeem them for more rewards currency.)
“All they have to do is use their linked debit cards for everyday purchases, which helps them earn BaZing Fuel rewards that will help them save at the pump at participating Shell stations nationwide,” DeFazio said. It really is that easy for your customers or members.”
It’s also easy for the financial institution in that no core processor interfaces are necessary to calculate, issue, and redeem the rewards.
“And — unlike other debit card points programs — you don’t pay any redemption costs, we do,” DeFazio said. “That means no points to carry as a liability on your balance sheet.”