Abu Dhabi, United Arab Emirates – gulftech: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions has recently launched a new online marketplace: FAB Rewards Shop – powered by Collinson, which allows customers to earn and redeem FAB Rewards at over 110 premium brands.
The launch of the FAB Rewards Shop is another milestone in the FAB Rewards journey as the bank continues to expand its customer reward proposition. FAB’s programme is unique as it maximises every transaction, enabling programme members to, ‘earn faster and on everything’. Typically, traditional banking programmes reward customers for credit card spending however, FAB Rewards allows customers to earn Rewards for taking out a personal loan, registering to FAB mobile and online banking channels, and even on maintaining an average monthly account balance, in addition to debit and credit card spending, and salary transfer, to name a few.
Rewards earned across bank wide interactions are credited to the customer’s account and can be instantly redeemed on the FAB Rewards Shop across 1,300+ premium items from 110+ brands across electronics, fashion and lifestyle brands. Moreover, FAB’s customers can also redeem their Rewards for a broad range of benefits, including instant e-vouchers, point-of-sale payments with rewards, airline miles, flight and hotel bookings, cash-back, or to pay utility bills.
Robert Kufersin, Head of Loyalty & Partnerships at FAB, said: “FAB seeks to leverage its digital services to deliver value and an enhanced customer journey. We are excited to bring our customers more redemption options relevant to their everyday spending through the launch of the FAB Rewards Shop. Our customers can now enjoy access to a wide range of retail items spanning some of the most exciting and sought-after brands across electronics, fashion, home appliances, and more. To date, FAB’s digital rewards platform has proven popular and we look forward to building on this to ensure we continue offering an unrivalled customer rewards programme in the market.”
Since the launch of the FAB Rewards programme, the number of monthly unique redemptions has quadrupled, with over 90% of those redemptions taking place via FAB digital channels. Notably, there has been an increase in cardholder spend, among active redeemers, further demonstrating the value of highly engaged customers.
Sanjit Gill, General Manager at Collinson Middle East adds, “In an age where digital citizenry has reached its highest levels in the UAE, loyalty programmes are an effective way of engaging and connecting with your customer. Enhanced loyalty programmes are effective tools to ensure customers’ expectations are met at all levels, which is key to retaining loyalty and for sustainable growth. FAB Rewards has witnessed high levels of engagement, much greater than the previous loyalty schemes. The success of the FAB Rewards programme is built on the foundation of customer centricity, which we strive to augment with the launch of the FAB Rewards Shop.”
FAB customers can access the newly launched shop via the FAB Mobile App and website.