Case Study: A Canadian Financial Institution

Innovative credit card loyalty program increases customer engagement.

Situation

A leading Canadian financial institution wanted to increase retail spend on their credit cards, and grow ‘top of wallet’ usage and customer engagement. They also wanted to motivate their most valuable customers within their card portfolio of over 2 million members.

Solution

With the focus on a merchant-funded rewards program, Maritz designed a technology platform to manage consumer and merchant requirements, and included ‘in-stream’ delivery of the merchant-funded rewards. Drawing on our loyalty expertise, the full program includes merchant strategy and relationship management, marketing, strategy and analytics, reporting portal with measurements, three integrated websites, transaction management and customer service support.

Results – Phase 1

  1. 23% of members increased their card usage.
  2. 24% of high users migrated to the top user category, while 20% of medium users migrated to the high user category.
  3. Average number of transactions per member increased by 53%, while the transaction value increased by 51%.

Program Evolution

Following the success of the merchant-funded loyalty program, the client moved their core loyalty program to Maritz, seeking to take the program to the next level through more innovation, flexibility and increased value to cardholders. A new technology platform was developed, as well as a robust marketing campaign with the ability to measure and track results for ongoing improvement. Enhancements included regular special offers, member segmentation, a full spectrum of rewards and fulfillment, a points bank, customer website and Call Center.

Results – Phase 2

After 18 months after re-launch, the results have been significant.

  1. 10 distinct campaigns saw an average 10.8% response rate.
  2. 16% increase in Cardmembers who redeemed.
  3. 40% increase in registrations and email addresses.
  4. 47% increase in website visits.

Maritz continues to manage a full cycle of credit cards and loyalty solutions for this client.