miLoyalty provides a single platform to enable end to end enterprise loyalty based strategies. The key components of success of a loyalty program include:
Program Design: The design of a program should ensure that the loyalty program appeals across the enterprise:
- Customer value enhances as service penetration expands both within a line of business (LOB) and across multiple LOBs
- Exposing customers to multiple products and enabling them earn valuable points for using these services will enhance customer value
- Developing a business case and ROI model for each LOB and across the enterprise based on the profit from rewardable behavior and from retained customers
Contribution Management: Manages points contribution and allocation rules at multiple levels i.e. Customer, card, account and relationship (household/groups).
- Any transaction can be assigned as part of the contribution rules including support for multiple algorithms like percentage, flat, tiered
- Standard templates available which can be reused by business users to launch new programs without any reliance on IT Teams
- Ability to store, track and manage points contribution at multiple levels i.e. Product, Customer, Group/House-hold
- Create a right mix of compelling hard and soft benefits to generate ongoing interest
Redemption Management: Manages seamless customer redemption at multiple touch points.
- The ability to redeem points for any reward type, external (gifts, vouchers, utility payments, airline programs etc.) or internal - enables customers to redeem points for offsetting regular fees and charges
- The ability to extend all redemption capabilities to multiple customer channels for customer self-servicing
- Provides customers with a holistic view of their relationship with institution and ability to manage their finances in a more optimal manner
Accounting Support: Provides complete accounting support for accurate management of liabilities resulting from rewards/points issuance and redemption.
- Pre-Built banking specific loyalty related financial entries:
- First in – First out (FiFo) accounting policy for points maintenance
- Configurable expiry periods
- Supports cancellation and write-off and immediate expiry of points
- Maintains product catalog profit accruals based on redemptions
- Supports history of acquisition costs and accrues profit based on redemptions with FiFo accounting
Performance Management: Provides comprehensive and insightful reports which enabled business managers to fine-tune and proactive monitor and manage the program effectiveness.
- Insightful reports on contributions and redemptions provide key indicators to effectively manage the program
- Actionable indicators to improve usage by providing an effective framework to launch targeted promotions
- Compare performance across a control group to assess impact
Communications Management: Provides information for customer communications for loyalty program activity.
- Keep customers well informed about how and when to earn points to receive rewards
- Provide information on achievement of tiers and wish lists
- Supports communication across multiple channels through appropriate output formats as different customer segments respond differently to the channels
- Ensures enhanced Customer Loyalty with ability to provide Innovative Reward Contribution structures across a range of Attributes
- Create Sustainable Differentiators in the market by providing multiple Redemption options with clear ‘Line of Sight’ of the Rewards
- Enterprise Loyalty capabilities and possibility of Internal Redemptions ensure Widening and Deepening of Relationship
- Comprehensive full featured application with ease of integration to existing systems thereby ensuring quick roll-out of the Loyalty Program
- Proven Enterprise Grade Application that will seamlessly fit into the environment and Scalable to meet Future Growth