Global
Making a retail bank unreplaceableOverview
A loyalty program in a low-involvement industry
Background
Banks make themselves strong with a conviction: “being a relevant ally in their clients’ life”. The reason to believe it? The advisory services that have become increasingly important in their offering and an undisputable lower churn rate compared to other industries. However, the reality is different: for people banks remain a “necessary evil”, a counterpart to negative situations, a commodity that they seldom change only because of the related headaches. So, can a bank equip itself with a tool to become irreplaceable for its customers and be attractive in the eyes of a prospect who wants to change his own?
Service & Capabilities
Financial InstitutionsSolution
Approach:
We designed an engagement program - serving both acquisition and loyalty - that was a break from the category standard - precisely to distinguish BPER from its competitors and make it irreplaceable. We did it evolving the basic transactional mechanism to a more compelling concept: “mutual commitment”.
No points collection, no rewards catalogue, no cashback for banking-type actions: we have structured “BPER Insieme” around three areas - economic, personal and community - which bring together incentives aimed at enhancing customer well-being. Finally, a bank becomes a partner in small and large life projects. For real.
Results
Results Achieved:
We designed an engagement program - serving both acquisition and loyalty - that was a break from the category standard - precisely to distinguish BPER from its competitors and make it irreplaceable. We did it evolving the basic transactional mechanism to a more compelling concept: “mutual commitment”.
No points collection, no rewards catalogue, no cashback for banking-type actions: we have structured “BPER Insieme” around three areas - economic, personal and community - which bring together incentives aimed at enhancing customer well-being. Finally, a bank becomes a partner in small and large life projects. For real.
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