How Improving The Customer Experience Leads To Profit

Bain & Company has a great case study about how they helped their client identify and resolve a key issue:

"The most profitable customers were generating a disproportionate share of complaints for our financial services client. Bain recommended the company transform the overall customer experience for its multi-line customers."

One of Bain's main recommendations was to transform the multi-line customer experience:

Brandmovers noticed 3 key items in their recommendations:

1. I am recognized at all points of contact for my relationship with FinCo* and rewarded for the relationship.
2. FinCo demonstrates an appreciation of my business and my loyalty.
3. I benefit from all that FinCo has to offer.

The Brandmovers Financial Offer Management Platform

Brandmovers designed our Financial Offer Management Platform specifically to address those 3 things at a minimum. Our offer platform allows FinCo staff to offer highly targeted promotions to specific groups (and even individuals) to reward them based on their activity with FinCo. This generates a higher level of appreciation for the customers' business through rewards that include cash back or points towards redemptions from a catalog of high-end merchandise.

In addition to rewarding loyal behavior within existing products and services, the offer platform will incentivize these profitable clients to grow their business with FinCo by adding services that benefit the client.

Bain goes on to highlight the results in their article:

As you can see, ALL of the examples reference "offers" of additional products and services to these existing clients. The Brandmovers Offer Management Platform is perfectly tailored to deliver these offers and reward the customer after they act on the offer.

Additionally, one of our great platform features is the ability to customize offers. Rewards aren't triggered just for signing up for the service. Instead, customized offers can require customers to complete several steps before receiving the reward.

For example, the "offering Branch Banking to brokerage customers" can be confirmed with 3 activities:

1. Open the account
2. Set direct deposit
3. Activate bill pay.

The offer ensures the customer is fully invested in the new product and undertaking the most profitable activities.

If you would like to learn more about our Financial Offer Management Platform, contact us today!

Article updated 6/23/20