Gaining a Top of Wallet Position for your Credit Card

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Features and Benefits

Provide personalized relevant offers​: Offer cashback and bonuses that actually trigger usage as they are directed to categories of proven interest.

Incentivize first in wallet​ position: Ensure your bank’s credit card is top of wallet by analyzing spending patterns and encouraging customers to use this card on occasions they would use another card for (e.g. a sudden halt of grocery store spendings or gasoline purchases)​.

​Increase customer satisfaction: Personalize offers based on customers’ patterns so they feel like they are getting added value instead of just clutter, e.g., don’t send fast food cashback offers to someone who exclusively shops at vegan stores.

Results
  • Less time between transactions​
  • Higher credit card balances
  • Richer customer data through spend diversification
Journey Objectives
ACTIVATION CUSTOMER ENGAGEMENT CUSTOMER EXPERIENCE LOYALTY RETENTION
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How to drive customer advocacy for your credit card

As a retail bank, being the ‘top of wallet’ is often a battle of the best incentives and perks such as cashback and lounge access. In return, you get the customer’s attention and data to further maintain and develop a mutually beneficial and profitable relationship.  

It is key to create a certain routine for your customer by, for instance, tying benefits to individual (e.g. rebates) and repeated transactions. With the latter, you can deliver personalized offers and value-adding insights to your customer based on historical data (interactions and purchases). By doing this you can gain the top of wallet position and gain preference over competitors as the credit card of choice for customers. Thus leading to higher market share and revenue.

Becoming top of wallet: a use case

Consistent, personalized communication is essential for becoming and staying top of wallet. The use case was designed to measure and monitor transactional and customer behavior and incentivize usage. This happens when there are changes in transaction patterns, essential transaction types missing, drops in spending after credit card benefits periods, etc. ​

Our client, a leading high street bank, wanted to achieve the following business goals:

  • Understand if and why a customer is spending more or less and create categories to prioritize communications. 
  • Make sure that all offers take into account where the customer is in the credit card utilization journey.
  • Activate customers with offers based on previous spend categories, such as restaurants, health & fitness, and grocery shopping.
  • Notify customers when they complete offers or receive benefits with credit card rewards.

Solution Approach

The NGDATA Intelligent Engagement Platform combines both strong analytics and decision-making capabilities which are key to ensure a customer’s spending pattern is continuously monitored and the right action is taken when deviating trends are identified. The customer DNA in the Intelligent Engagement Platform is able to predict upward and downward trends in spending behavior and compare that to historical patterns for a particular customer. This is being monitored and predicted in real-time so that the right action can be taken at the right time. Leveraging the customer journey analytics in the Intelligent Engagement Platform, the bank is able to define multiple stages of declining spend behavior and take appropriate action through automated experiences depending on the risk of losing this customer’s top of wallet position for the bank’s credit card. 

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