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Loyalty Program for Banks, Microfinances & Saccos

This is another sector that is extremely competitive and continues to pose a challenge to the players as more financial institutions especially Saccos come up.

These pose a major challenge to well established financial institutions such as banks, due to their knack for naturally acquiring customers especially amorphous groups. That leaves the banks and microfinance institutions struggling to maintain their customer base or tap into more customer segments. With most of the population being unbanked, they resort to the Saccos and this had made the Sacco industry to blossom.

Focus of the program

Banks therefore need to evolve and innovate around solutions that can allow them to tap into other customer bases as well as retain those they already have. A bank will most likely know their customer through their transactions. But is this enough really? The answer is no. As with the case with insurance products, bank products remain largely similar, whether they are savings, credit or insurance products. There is therefore a need for banks to stand out not through customer service but through customer experience.

A bank can create a better relationship with its customers, with experiential incentives that can be tiered to cater for different customer segments.

A financial institution can use the M-zawadi loyalty program to; incentivize customers for over the counter transactions, rewarding customers who transact through alternative channels e.g. mobile banking, internet banking, ATM etc., referrals, uptake of more than one product, account activity to reduce dormancy, early credit repayments, use of certain products e.g. fixed deposit accounts or signing up for certain products like investments etc.

Banks could also use this platform to gather data on their customer behaviour, preferences and banking habits, in order to have a better picture of who their customer is beyond their bank account. This information is key for the bank, and can be used to make key strategic decisions.