Building relationships and profits through customer loyalty
Client Results Story
A major European retail bank was losing customers. Our client wanted to retain retail customers and increase its share of wallet among customers using several banks. Bain designed and helped implement a loyalty program with targeted awards to help develop and enhance customer relationships.
What company is this?
We take our client's confidentiality seriously and don't disclose their names. While the name is changed, the results are real.
BankCo wanted to improve the loyalty of its highest-value retail customers and increase its share of wallet among those customers.
BankCo, a major European retail bank with more than 4,000,000 clients, had suffered a serious deterioration of its image. As a result, customer defections increased and BankCo's share of remaining customers' banking activities decreased.
As part of a global program to improve its sales and marketing approach and win back customers, the client decided to implement a loyalty plan to retain its highest value customers.
BankCo asked Bain to define and help implement a loyalty plan to selectively retain retail customers and increase the client's share of wallet among customers using several banks.
Bain designed and implemented a comprehensive loyalty program - from initial benchmarking through operations support - to encourage the development of the customer relationship as a whole.
To encourage customers to join BankCo and remain loyal, BankCo implemented a holistic awards system aimed at developing and deepening customer relationships.
The client successfully launched its loyalty program, beating all local competitors to market.
How can we help you?
To discuss how our team can help your business achieve true results, please
Related consulting services