RBC Banks on Kobie to Renew its Reward Program
Redesigned Platform Provides a More Customer-Centric Reward Program to Increase New Accounts and Loyalty.
As a global bank, RBC Royal Bank of Canada was focused on increasing its debit and credit card base, both business and consumer. Through bank acquisition and increased marketing efforts, RBC needed to on-board a substantial number of new customers. The challenges were many: a non-competitive relationship banking strategy, outdated loyalty platform, massive systems integration issues, a traditional product focus with disparate debit and credit, across consumer and business. How do you take these challenges and transform them into a customer loyalty and relationship banking strategy?
RBC asked Kobie to convert their current program onto our Kobie Alchemy® loyalty reward platform. Our tasks included creating the ability to cross-sell products and services, increase debit and credit card spend, improve retention, and drive referrals while lowering customer acquisition costs.
Kobie devised a truly unique answer that addressed every single one of RBC’s issues. We offered innovative points-pooling options to encourage true relationship banking and enable earlier redemption, developed innovative marketing campaigns to encourage the right customer behaviors, and helped create merchant funded partnerships to lower program costs and provide appealing rewards.
The new RBC Rewards program attracted great interest. There was double digit growth in accounts since the conversion in late 2008, with pooled accounts representing more than half of all reward redemptions. In addition RBC saw an increase in average monthly spend in the two-year period due to the loyalty rewards program.