Loyalty programs drive motivation and make customers and brokers feel appreciated, says CommBank’s Baber Zaka
In the dynamic landscape of 2025, loyalty programs have evolved to become indispensable tools for businesses aiming to foster customer retention and satisfaction.
As the loyalty program market grows increasingly competitive, the importance of these programs cannot be overlooked. They help foster stronger relationships between companies and their customers, offering loyal customers tangible rewards.
The evolution of loyalty programs has been rapid – from simple punch cards offering a free and mobile apps into loyalty programs has become standard. Customers can now access their rewards, track their points and receive personalised offers directly on their smartphones. This enhances the customer experience, making it easier for them to interact with the brand and redeem their rewards.
Additionally, the gamification of loyalty programs has gained popularity, adding an element of fun and competition that encourages continuous engagement.
Looking specifically at the financial sector, loyalty programs have become a crucial component of customer-engagement strategies. At Commonwealth Bank, we’ve introduced our own recognition program that seeks to benefit our customers, as well as a new tiering system to support our brokers.
And we’re certainly not the only ones operating in this space. Banks can effectively leverage broker-tailored loyalty programs to foster stronger relationships and drive high performance. By designing specialised reward systems that recognise and incentivise high-quality brokers, banks can continue to work collaboratively with these professionals to help them achieve even greater success and deliver excellent customer outcomes. Rewards can include premium support; access to exclusive training programs; and enhanced support services such as credit officers and coaches.
These incentives not only acknowledge brokers’ contributions but also encourage them to continue their efforts to secure new clients and maintain high service standards.
On the customer front, loyalty programs are immensely beneficial as they provide personalised rewards that cater to individual prefer- ences and behaviours, enhancing the overall shopping experience. For example, CommBank customers who make more than five eligible transactions a month can gain access to the CommBank Yello program, which includes discounts, cashback and offers. This program is designed to recognise active customers and help them save on everyday purchases with personalised benefits.
As businesses continue to innovate and refine their loyalty strategies, these will undoubtedly play a pivotal role in shaping the future of customer relationships.
Baber Zaka has been at CommBank for more than 10 years. He was recently appointed as the major bank’s general manager of third party banking.
