As banking services become more commoditized, it is important to find ways to differentiate from your competitors and deepen relationships. Card loyalty programs, traditionally a popular tool amongst banks of all sizes, have become the “minimum buy-in” – to the point of becoming commodities themselves.
How do you know if your loyalty program is working? Which customers are more profitable? How are they behaving and, more importantly, how can you influence those behaviours to enhance the customer experience and grow revenue?
Loyalty analytics can help answer all of these questions, shedding light on the who, what, when, where and why around customer engagement with your bank. This three-part video series explores the merits of loyalty analytics in general, and Zafin’s offering in particular.
Part 1 | Why loyalty analytics matters (1:19)
So assuming we’re right, and loyalty analytics can be an effective way to ensure you’re among those 12 loyalty programs your customers engage with, what would that actually look like?
Next up, we explore how Zafin’s loyalty analytics solution segments customers across five categories based on how they spend and redeem – and how you can apply these insights to deepen engagement and improve profitability.
Part 2 | Loyalty analytics: Customer segmentation (2:13)
Finally, we discuss Zafin’s Customer Engagement Score, a proprietary metric we calculate for each customer. With an idea of whether a client has a low level of engagement – and so needs encouragement to discourage attrition – or a high level, and so deserves some recognition, banks can deliver bespoke marketing campaigns.
Part 3 | Loyalty analytics: Customer Engagement Score (1:23)
Interested in learning more about Zafin’s loyalty analytics?