The Challenge:

With the evolution of decoupled debit cards, Flagstar Bank realized its customer loyalty platform was out-of-date. It needed a robust relationship banking and customer loyalty solution that would integrate multiple products and accounts across the bank and a loyalty reward program to engage customers. In a tough economic climate, Flagstar needed something special to differentiate its customer loyalty program and customer retention strategies from others.

The Solution:

Kobie was up to the challenge. Our first task was to move the Flagstar program to Kobie's revolutionary customer loyalty platform - Alchemy. With Alchemy, members have the option to combine points across accounts and products. The new customer loyalty program rewards members for engagement by awarding additional points for direct deposits, CD's, money market accounts, and more.

More targeted rewards were added to the relationship banking program, including retail gift cards. Members now have more convenient travel options, including travel gift certificates, statement credits, and direct booking with their bank cards. Members can choose experiential rewards, including riding shotgun at NASCAR, tandem skydiving, front row tickets at the Macy's Thanksgiving Day Parade, and a Harley rental for a day. They can even choose cash back.

The Result:

The customer loyalty program was launched April 2, 2009, too soon to have results. But from the client's perspective, the program is a success.

Said Cory Ruell, Manager of Card and Business Development, "In 2008, we made the decision to revamp our current rewards program and expand it across the enterprise. In the toughest economy Flagstar had ever seen, it was critical to select a customer loyalty partner that would allow us to leverage the technology, expertise, and flexibility that would differentiate us in the market place. After a lengthy RFP process, including multiple vendors, we selected Kobie Marketing because of its state-of-the-art platform and world-class staff. Now in 2009, we have launched the new and improved Flagstar Rewards. Even with an aggressive project time line and a massive change 12 hours before roll out, the implementation was flawless. The initial program has exceeded our highest expectations and we are excited to watch our program explode to a whole new level with Kobie Marketing.

For a FREE loyalty platform or relationship banking assessment, contact one of our customer loyalty experts.