Bankwide Rewards Program Design with focus on Cards

Project status
Project posted
9 Mar 2017 10:39
Project duration (approx.)
40.0 Days
Budget (approx.)
$320 / day
Level of Experience
Mid-level
Industry
Financial Services
Area of expertise
Product Development
Consultant location
On-site
Location
Pakistan
Languages
English (Essential)

Objectives and Key Deliverables

Client is currently looking at ways of increasing the value of their products to their customers and build a platform for rewarding their customers for desired behavior. The program should not only touch the cards business but should focus on overall banking products.

Client has the following primary objectives in the near term:
• Increase customer loyalty and transactions
• Increase cross-sell and upsell
• Reduce attrition and acquisition cost
• Reward customer for desired behavior

1. Discovery, Market Landscape and Rewards Strategy

• Understand the Client’s position in the market (threats, opportunities, strength...)
• Understand the Client’s strategy and business aims
• Carryout sessions with all product/business owners to gain insight of current and future strategy
• Review any consumer research already conducted by Client
• Understand the Client’s products, and customer segments considered by the Client, and conduct session with the Client’s product/business teams including IT, Ops & Finance
• Develop overall strategy & aims for rewards program.
• Define business objectives and other relevant guidelines
• Agree on detailed Project Objectives, Plan and Project Execution Plan with Client’s key stakeholders

2. Cards rewards program review

• Understand the the current cards rewards program design (earn methods and amounts, redemption options and processes, customer experience)
• Understand performance of the cards program (key KPIs of the program, redemption % etc.)

3. Rewards program design and operating model

• Design the pan banking rewards program: Customer Value Concept including rewards and payment and other elements of the overall customer value proposition on a conceptional base
• Share insight from best practices of global banks currently running loyalty programs
• Align the existing cards rewards program so that no feature is lost and enhancement are done to the overall offering
• Earn and burn strategy: Develop loyalty currency and rules for earn after the data diagnosis and the burn strategy (identified by its product-mix) to run the program effectively and their financial handling
• Develop point rules and earn methodology and run sampling on client data to determine points/earn and burn projections
• Recommend redemption options and merchant mix to be considered for redemption merchants
• Develop program evolution plan
• Suggest and provide high level template /KPI‘s to share and monitor program evolution and progress and for use by management for gauging progrm effectiveness and realigning the targets if required

4. Financial Case and decision support

• Summarize findings and develop business/financial case: including points earned and suggest rule to be applied along with financial handling and exposure to be built on the P&L
• Present results and support Client to take key decisions

5. Roadmap for launch

• Develop high level activities and timeline for launch
• Advise on marketing plan required for launch

Experience in developing similar programs in the past

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