Building relationships and profits through customer loyalty
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.
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.
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