Episode 669

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

Published on: 15th May, 2025

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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About the Podcast

Let's Talk Loyalty
“Let’s Talk Loyalty” is an industry podcast for loyalty marketing professionals.

If you work in loyalty marketing, join us every week to learn the latest ideas and marketing insights from loyalty specialists around the world.

Check out our website on: http://www.letstalkloyalty.com/

About your host

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Paula Thomas

Paula Thomas is the Founder and CEO of Let’s Talk Loyalty and Loyalty TV.

Paula Thomas is an award-winning podcaster who founded the “Let’s Talk Loyalty” podcast and business in 2019, and Loyalty TV in 2023.

She has over twenty-five years blue-chip marketing experience, including almost a decade leading consumer loyalty programmes in multiple sectors including telecommunications, the energy sector, banking and airline loyalty programmes.

She is from Ireland and lives in Dubai.

Paula is a former judge for the “International Loyalty Awards”, and the author of the book “Driving Loyalty in Convenience Retail”.

She holds an Executive MBA from Smurfit Business College, one of Ireland’s top universities, and is a “Certified Loyalty Marketing Professional”.