Financial Institutions

In the present market situation, constantly decreasing prices in response to the fierce fight for clients doesn't yield the expected results. Competing by offering low prices is a general element of a loyalty strategy, however it causes a decrease in product and service quality. This results in decreased client satisfaction. In this case the customer's sensitivity to price is improved and paradoxically loyalty is reduced..

Dan Thompson, Performance Analyst, Jack Henry and Associates (previously Pemco Technologies)

Conducting loyalty programs in banks ensures the possibility of offering added value to all the receivers of an organizer’s services. A modern loyalty program implemented in the bank’s system can reward individual as well as institutional clients. Offering rewards for each activity: contacting the bank, opening a new account or making a deposit and obtaining a new card. For individual clients it also concerns such things as cash machine transactions, transfers, instructions, direct debits, standing orders and additional cards for family members. In reference to client segments defined in the system (silver, gold, platinum) it can offer different point benefits for different clients.

Conducting a loyalty program based on points collected by a client for every activity can turn out to be an ideal solution in the struggle for both current and potential clients who are tempted by an attractive and modern offer. It is possible to prepare a special loyalty offer that reflects activities which initiate cooperation with the bank. Banks can define special point rates for new members, award points for registering for the program and reward them for choosing a particular credit option or type of account or deposit.