SAIB is a financial institution focused on providing banking services to its customers. While the bank had a steady customer base, it was struggling to increase profits and attract long term investments.
To address this, SAIB decided to introduce a loyalty based policy that rewarded customers. This loyalty policy depends on customers using the bank often for their transactions.
The bank faced several business and technical challenges before this initiative.
The primary goal was to increase transaction volume and customer retention through a rewards driven model.
Key objectives included:
The primary goal was to increase transaction volume and customer retention through a rewards driven model.
Key objectives included:
The system recorded all customer transactions in real time and linked them to a points engine. Through the admin panel, bank administrators could define reward rules. For example, transactions above a certain amount earned higher points. These rules could be updated without changing the system logic. On the customer side, users could view:
Customers could see what reward they would receive at the following point. These rewards encouraged continued usage from customers. Once enough points were earned, customers could redeem them for either cash benefits or gifts, based on their preference.
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