KENT, Ohio – Kent State University has agreed to study bank travel programs to evaluate their benefits for bank loyalty programs and travel clubs. The project will be the first research program that evaluates the benefits of loyalty programs and travel clubs.
Tannery, a research arm of KSU that chooses a limited number of projects a year, began its initial research in February at the BankTravel Conference in Memphis, Tenn. Researchers started by networking with 200 bank club directors to establish the study’s focus and one-on-one relationships with bank travel directors.
The research’s purpose is to find unbiased proof of the economic, marketing and social impacts that loyalty programs have on banks and financial institutions. Some areas that will be explored include client retention, return on investment, lateral economic impact, depositor increases and community goodwill.
“It is our belief that loyalty clubs create value for banks and that includes increased deposits, new clients, retained CDs and word-of-mouth marketing that travelers spread throughout the community,” said Charlie Presley of BankTravel. “Bank travel clubs are believed to be a key indicator of the boomer age segment move into the group travel market.”
BankTravel brought the proposed study to Kent State University by proving the need for the research. The program has been funded by Norwegian Cruise Line.
Currently, KSU estimates the study’s completion by mid-summer. BankTravel will provide the results free for banks, financial institutions and the travel industry.
For more information, email Presley at cpresley@grouptravelfamily.com.
