Banks Redefine Loyalty With Contextual Rewards

During a PYMNTS 'Beyond the Card' interview, Avery Walter Miller, vice president of Loyalty Solutions at Visa, said banks must shift from credit-card-centric loyalty to contextual, omnichannel rewards. He noted consumers enroll in about 18 loyalty programs but actively use only half, and recommended merchant-funded offers, data-driven personalization, and AI-driven timing to boost engagement and lifetime value.