Single
Relationship
Currency™
(SRC) |
 In an effort to reduce churn and improve customer loyalty, financial institutions are considering the total lifetime relationship value of the customer across all lines of business. This Customer Relationship Value is used as an adjustment to product level contribution policies, allowing the most valued customers to receive the greatest rewards. In this way resources are focused on engendering institutional loyalty among the most profitable and strategic customers.
Relationship contributions are made using a Single Relationship Currency T, which can be converted to reward points, or redeemed in-house to rebate or waive fees and charges from any products. This allows customers a freedom of choice to automatically consume their relationship benefits or reserve against future redemptions (such as incremental or annual fees).
SRC automatically provides revenue attribution for all participating sponsors (internal or external) by product, and/or line of business. As a result, relationship contributions from one product can be redeemed for fee waivers on another. This allows for natural packaging of products (by Product Managers and Relationship Managers) with loss leader product discounts and no disadvantage to any sponsor. |
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