Traditional banking models are coming under increasing industry scrutiny, as regulation becomes more onerous, competition becomes fierce and customer expectations – inspired by improving experiences from other industries – increase.
Progressive retail banks are starting to re-invent the way in which they engage with, and sell products to, their customers. They are seeking to deliver more customer-centric models, designed to respond to and ultimately pre-empt their customer needs more effectively. The goal is obvious: to grow customer revenues and profitability through influencing customer behaviour and increasing loyalty.
miRevenue for Retail Banking: Enterprise-wide loyalty programs
To this end, there is a renewed focus on customer loyalty schemes as a means for banks to deepen and extend their relationships with their existing clients and also for attracting new clients. Well-designed loyalty schemes have proven attractive to retail banking customers, primarily in relation to credit and debit card products, with reward and redemption options including air miles, cash-back and retail vouchers. Consumers are, however, expecting banks to adopt more enterprise-wide models so that they can be rewarded for the full range of a bank’s products and service that they consume.
Zafin, through our miRevenue Product and Pricing Lifecycle Management (PPLM) solution, has already successfully helped a number of our clients to implement market-differentiating customer loyalty programs. Built exclusively for the financial services industry with modern, enterprise-grade architecture, miRevenue comprises a suite of tools which includes miLoyalty, a ready-made platform to facilitate end-to-end loyalty programmes.