Sydbank Favourite

About Sydbank Favourite
Sydbank wanted a loyalty programme unlike any seen in the industry before. One which rewards bank customers for their loyalty and celebrates freedom of choice and the principle of quid pro quo. Which makes money for the bank. And which does so based on a deep knowledge of the clients, the digital possibilities and the customers’ new conditions.

Task:
The objective was to optimise the bank's earnings, digitise dialogue with customers and reward them individually for their loyalty and financial involvement in the bank. There was also a desire to be able to better predict churn behaviour and create a closer relationship between the bank and its customers through continuous interaction and dialogue.

Solution:
We used freedom of choice as a strategic lever for the benefit programme. Instead of delivering complete benefit packages for customers without weighing the value of each benefit (as is customary in most loyalty programmes), we chose to involve both employees and customers in developing, weigh up and choose benefits for the programme.

We selected 10 different benefits and allowed customers to choose their favorite ones. And the more of their financial activities they gathered in Sydbank, the more they could choose from. Many of the advantages, most bank clients used to take for granted – now they were suddenly given value – and became profitable for Sydbank to offer. In addition to the 10 elective favourite-advantages, Sydbank also introduced four permanent advantages for all customers in the loyalty programme, which became more and more attractive, the longer they remained customers.

Results:

  • 92% of the bank's Favorite clients chose their own advantages (target was 40%)
  • Customers who submitted marketing permission: 84% of all the bank's Favorite clients (target was 50%)
  • Number of household consolidations of personal finances: 64% of Favorite clients
  • Social and e-mails increased conversion: The shift from Favorite 5 to Favorite 7 rose by 9.54% compared to the control group
  • TVC message effectiveness: 13% vs. financial sector benchmark of 8-10%

Digital

Direct Marketing

Print

Social

TVC

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