If banks wish to create compelling loyalty programs that outcome those of competitors and have higher chances to retain customers, they shouldn’t overlook technological tools that provide valuable insights on customers and introduce new approaches to customer retention.
One of the essential steps towards top-notch loyalty programs is to make the best use of a banking CRM system. It helps banks manage their customer database from one single place, segment customers not only according to their income level or demographic criteria, but also according to their lifestyles and purchasing behavior. COIN CRM with advanced analytical tools can help banks to launch smart reward programs with personalization goals at the first place. With a full view over customer database, COIN will help to identify and target the most profitable ones as well as eliminate those programs that do not deliver significant value.
Using COIN banks can increase customer retention through loyalty programs using omnichannel view on customers’ rewards. COIN enables the user to view their loyalty points from any platform, be it mobile, tablet or desktop as well as set up automatic redemptions toward deposit accounts, credit lines or to purchase certain merchants’ gift cards.