Loyalty programs have emerged as a fundamental approach in the banking industry to increase customer loyalty, engagement, and profitability. This study seeks to examine the loyalty programs of the State Bank of India, focusing on its premier loyalty program, SBI Rewards. The research is based on secondary data sources, including reports, scholarly articles, and financial journals. The study includes various theoretical frameworks, including the Relationship Marketing Theory, Customer Lifetime Value, and Behavioral Economics, to construct a conceptual model. The results of the study show that loyalty program attributes have a significant influence on customer engagement, satisfaction, and loyalty, but there are issues of awareness, value, and loyalty program complexity.
Dr. Soumya Sreedhar V. (Thu,) studied this question.