Let's Talk Loyalty15 Touko 2025

Bank of America's Preferred Rewards Program (#669)

AI platforms are changing how customers discover brands.

Phaedon is leading the discussion on what this fundamental shift means for loyalty leaders like you.

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This episode is available in audio format on our Let's Talk Loyalty podcast and in video format on www.Loyalty.TV.

I’m delighted to be today meeting with another Fortune 500 brand as we meet with Bank of America, one the world's largest banks.

According to its latest annual report, Bank of America now serves approximately 69 million consumer and small business clients, and surpassed $100 billion in revenue in 2024, with net income in excess of $27 BILLION.

As part of the bank’s celebrations for the ten year anniversary of its Preferred Rewards program, I am joined today by Shikha Narula, the Managing Director, Head of Consumer & Small Business Product Strategy, Transformation and Rewards at Bank of America.

Shikha shares some of their key achievements including a membership base of over 11 million members, a 99% retention rate, and some of their flagship partnerships such as their coffee / cash-back program with Starbucks in the US market.

Shikha also shares how their award-winning Preferred Rewards program really differs from other programs in the financial services industry.

Please enjoy our conversation.

Show Notes:

1) Shikha Narula

2) Bank of America

3) Bank of America Preferred Rewards® program

4) Coffee, meet Cash Back - Bank of America Promotion | Starbucks Rewards

5) Smart Brevity: The Power of Saying More with Less (Book)

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