Case Study: Financial
BI created a rewards-based program that financially met this customer’s strict member bank requirements while providing exceptional value to the debit cardholders.
Results
- The company exceeded minimum criteria for card member enrollment with over 10 million accounts on the cardholder platform.
- Partners and partner offerings continue to grow, providing increased earning opportunities to customers.
- The company has successfully integrated a multi-vendor platform capability to satisfy various bank vendors and offer further program cost effectiveness.
- Card member spend targets have exceeded expectations.
This diverse financial services company felt its current vendor was not providing enough scope in possible strategies and tactics to solve the needs of member banks and its potential 30 million cardholders.
Issues
- Create a rewards-based program that financially meets the strict member bank requirement and still provides exceptional value to the debit cardholders.
- For the company to successfully provide the services of the program, member banks would have to commit 3 million debit cardholders to the program, despite decreased respective funding of the rewards program by 20 – 30%.
- Banks also saw the program as a non-differentiator vs. their competition and could likely build their own proprietary rewards program to give them a customized competitive edge.
Solution
BI created a 3-tier approach to solve the company’s complex issues:
- Multi-level partnership platform to increase awareness, distribution capabilities and more importantly, significantly increase the customer value proposition.
- A member bank strategy and approach to ensure participation.
- Technology and multi-vendor solution to cost effectively manage new adjusted financials.