Building relationships and profits through customer loyalty
Problem: BankCo wanted to improve the loyalty of its highest-value retail customers and increase its share of wallet among those customers.
BankCo, a major European retail bank with more than 4,000,000 clients, had suffered a serious deterioration of its image. As a result, customer defections increased and BankCo's share of remaining customers' banking activities decreased.
As part of a global program to improve its sales and marketing approach and win back customers, the client decided to implement a loyalty plan to retain its highest value customers.
Bain was asked to define and help implement a loyalty plan to selectively retain retail customers and increase the client's share of wallet among customers using several banks.
