How can banks and financial services providers ensure that their loyalty programs are in sync with consumer behaviors and preferences? What is a loyalty ecosystem and how can financial institutions benefit from being a part of one?

We caught up with Becky Hill, President of Vanson Technology Services and former Senior Vice President of Loyalty at U.S. Bank. In our extended conversation – in partnership with William Mills – we discuss the power of loyalty in fostering long-term relationships and better customer engagement in financial services.

We also discuss loyalty when it comes to relationships between companies and their employees, and how engagement and sales incentive programs can help them retain top talent and develop greater organizational resilience.

Founded in 1997, Vanson Technology Services specializes in technology and software solutions for loyalty, channel incentive, and employee engagement programs. The Minneapolis, Minnesota-based company offers capabilities in points earning technology, fulfillment catalog management, email communications, site and data management, customer service and support, reporting, and more.

Tell us more about your professional experience. What were some of your major accomplishments and career highlights while working at U.S. Bank?

Becky Hill: Before joining Vanson Technology Services last summer, I spent most of my career in U.S. Bank’s payments division. Initially, I supported the credit card acquisition strategy for the bank’s consumer and small business programs. This gave me a solid understanding of the credit card profit and loss (P&L), which helped me gain insights into what drives consumer behavior and how to capture their interest. I learned that people expect banks to simplify complexities for them and that offers need to clearly show their value and benefits.

Later, my responsibilities included managing all aspects of the bank’s Rewards platform for internal and co-branded credit card programs that included a variety of cards like Cash+, FlexPerks, Fidelity and Harley-Davidson. I would partner with program managers to support acquisition, attrition, benefit, and redemption strategies to keep the bank’s cards top-of-wallet.

Why is it important to shape your loyalty programs around consumer behaviors and preferences?

Hill: Understanding consumer behavior is key to designing effective loyalty programs because people value convenience and consistency. Loyalty programs work best when they’re simple and easy to navigate, especially when it comes to redeeming rewards. Over the years, these programs have become more sophisticated but keeping them clear and straightforward is still the key to success.

How would you define a loyalty ecosystem?

Hill: A loyalty ecosystem brings together programs, technology, and partnerships to engage and reward customers and employees. It’s about simplifying the process while delivering meaningful value. For Vanson, this means offering an easily configurable rewards platform that helps companies transform their incentive programs into formal campaigns that drive employee motivation, enhance performance and longevity, and build brand loyalty. We believe a successful loyalty ecosystem is built on understanding behavior and providing clear, flexible incentives. It’s not just about rewards — it’s about fostering long-term relationships through transparency, simplicity, and thoughtful execution.

How can financial institutions be part of the loyalty ecosystem?

Hill: Financial institutions can play a key role in the loyalty ecosystem by partnering with loyalty platform providers to offer their clients Prepaid Rewards cards. These cards give consumers the flexibility to spend as they choose, while financial institutions can capitalize on revenue opportunities, such as interchange fees.

How is this ecosystem evolving in the near future?

Hill: Technology is always evolving, and loyalty programs will continue to focus on streamlining the end user experience for ease and convenience.  Loyalty platforms will need to be flexible and have the capabilities to provide a variety of offerings from redemptions selection, gamification, educational lessons, experiences, and personalized communication strategy.  Customer-centricity will continue to be a big part of the loyalty program technology evolution, especially as the industry starts to utilize AI-driven analytics to engage members. 

Let’s talk about within companies. What does an effective employee and sales incentive program entail?

Hill: An effective employee engagement and sales incentive program requires the right technology. The technology should be straightforward, flexible, and tailored to support the specific needs of the program. It should be easy to implement, quick to deploy, and designed to drive engagement and performance without unnecessary complexity. Vanson offers a technology platform with configurable tools that provides self-administer options to drive results.

Equally important is having the right partner. A good partner provides valuable support throughout the journey, helping companies configure rewards to fit their unique needs and assisting with add-ons like developing email campaigns and enhancing engagement strategies. Together, the right technology and partnership can create a successful program.

Why should a company consider offering employee engagement and sales incentive programs?

Hill: Offering employee engagement and sales incentive programs is critical for retaining top talent and ensuring the resilience of your organization. People are motivated by more than just salary — they value recognition, work-life balance, and meaningful benefits. Incentive programs don’t have to be complex; even simple, day-to-day recognition can go a long way. It’s about creating a program that works for all employees, not just a select few. However, implementing these programs requires a cultural shift within the organization, combining both a change in mindset and the right technology to support it. Focusing on your employees’ needs and making them feel valued is key to long-term success.

You joined Vanson Technology Services less than a year ago. What tips and guidance can you provide other professionals who are transitioning industries?

Hill: I’ve had the unique opportunity to work on both the client side and now the vendor side of Loyalty programs across multiple industries. Being on this side — with firsthand knowledge of client expectations — has pushed me to think differently about what we deliver and how we meet client expectations. It’s also opened the door to more strategic conversations, like helping other loyalty companies within CORA Group’s portfolio expand into new verticals. At the end of the day, it’s about maintaining strong networks and staying open-minded to new opportunities.

What is your biggest piece of professional advice?

Hill: Always stay true to yourself and uphold your integrity. Take the time to identify the key decision-makers and those who truly understand what’s happening within your organization. Knowing who can make decisions and offer support is crucial — otherwise, you risk getting caught in unnecessary red tape. Building strong relationships and trust with your peers is essential, as effective leadership relies on the two-way flow of information. Above all, remain focused on what will move the business forward.

Photo by Louis Droege on Unsplash

As part of Finovate’s commemoration of Women’s History Month, our Women in Fintech column features Laurie Winger, Chief Financial Officer with TruStage. Formerly known as CUNA Mutual Group, TruStage is a financial services company that provides insurance, investment, and fintech solutions to individuals and businesses.

Winger has been praised by colleagues as a visionary and results-oriented, cross functional leader. At TruStage, she has helped transform a decades-old insurance company into a modern, technology-driven business.

In our Women in Fintech conversation, we discuss her origins in fintech and financial services, current trends that she has her eye on, and why it’s important for financial services companies to invest both human and financial resources into the fintech space.

Tell us about your role at TruStage and your journey into the fintech space.

Laurie Winger: I started my career as an accountant at TruStage, previously CUNA Mutual Group, more than 30 years ago. I spent the first half of my career in various finance roles – Budget Manager, Vice President of Finance, etc. – and then shifted my focus to credit union market strategy in the mid-2010s. At that time, our company was seen in the marketplace as an insurance rather than a technology company. Our goal was to change that perception and the best way to do so was to get more involved in fintech. This was when I first dipped my toes into the fintech space.

One of our first investments was the creation of our Ventures Portfolio, TruStage Ventures, which funds innovators focused on improving the financial services industry. A few years later, we also acquired Compliance Systems, a fintech provider of digital and dynamic compliance documentation, and CuneXus, a consumer-facing portal featuring financial services for credit unions. As Chief Product Officer at the time, I was very involved in the strategy and the execution of that acquisition. Since then, I returned to my finance roots as Chief Financial Officer while keeping a close eye on TruStage and TruStage Venture’s fintech acquisitions and investments, as well as being a member of various fintechs’ boards.

Recently, I’ve dipped back into the fintech side of our business by overseeing our Fintech Solutions team as part of my role as CFO. This team is focused on developing and implementing our Digital Storefront e-commerce platform (based on our acquisition of CuneXus mentioned above) which provides financial institutions with the ability to lend, generate deposits, and open accounts in a fully online experience – all centered around a consumer’s individual banking needs.

It seems like you had a strong role in building TruStage’s fintech strategy. Why did you see a need to provide more holistic support to credit unions?

Winger: I’ve always been a big fan of credit unions because their mission is consistent with ours at TruStage, namely the desire to help people who would otherwise not get access to financial products. Unfortunately, in the digital era, credit unions are having a harder time than ever competing with larger financial institutions and digital banks, and many are closing their doors or are being acquired. We realized early on that if we wanted to truly help credit unions compete, we needed to provide more holistic support. By investing in and making modern, end-to-end technology solutions available to credit unions of all sizes and helping them meet their members’ needs – we are ultimately helping consumers on their buying, borrowing, and saving journeys.

What changes have you seen in the fintech space in the last couple of years and how would you advise fintechs to react to these changes?

Winger: I am learning along with our entire organization that the current fintech market is very different than it was even just a year and a half ago. The high inflation environment has caused valuations to go down, so many fintechs are struggling to attract interest and raise money from third-party investors. They need to find new ways to generate capital.

The best way to do this is to listen to credit unions’ pain points and pivot their focus and/or messaging to meet those current needs. At the moment, growing deposits, finding ways to deepen existing relationships, and acquiring new members are at the top of the priority list for most credit union leadership teams. Fintechs that are heavily promoting lending technologies are probably having a hard time finding prospects, as many credit unions are running into liquidity challenges and are not able to lend as much as before. Pivoting their focus to respond to market needs, or tweaking their messaging to better appeal to potential prospects, will help fintechs stay afloat. The key to success in this economic environment is to listen to market demand, stay flexible, and be willing to take risks.

How are you and TruStage helping advance women leaders in the fintech and credit unions spaces?

Winger: As a company, we are very proud of the TruStage Ventures Discovery Fund, which invests $5 million annually in early-stage fintech companies led by BIPOC, LGBTQ+, and woman founders. We created the fund to address inequities in the financial sector and support underrepresented entrepreneurs, many of which are women. Personally, I also try to keep in touch with the female founders who have benefitted from the fund and build those relationships.

In the credit union market, I’ve also had the opportunity to be a mentor as part of the Credit Union Women’s Leadership Alliance (CUWLA) coaching program. The program pairs senior female leaders with women CEOs of credit unions with asset sizes of $300 million or less, providing a channel for support and the exchange of insights. I try to generously share my career experiences, successes, failures, and learnings with other women leaders as often as possible, as I think it is the best way to help other women advance and succeed in both the fintech and credit union industries.

Finally, as a Chief Financial Officer, why is it important to invest company resources (funds and people) into the fintech space to power future/tech-driven strategy?

Winger: Ultimately, it all comes down to remaining relevant. Financial services today operate in a fast-moving, competitive marketplace with ever-evolving consumer demands for seamless, digital-first transactions. No matter how well capitalized, any company that wishes to compete in this space must be willing to allocate investments towards innovations with the consumer expectation at the center. If they don’t, even the most venerable companies risk being passed by fintechs, start-ups, and the industry as a whole.

Photo by Josh Sorenson on Unsplash