VPBank Loyalty- Inclusive Customer Care Programme: Advantages of Loyalty Programme

Customer loyalty programme, a common concept in the retailing sector, has become an exciting race in the finance and banking industry. According to a study, only 20 percent of loyal customers could generate 80 percent of revenue for a bank, while the cost to get a new customer is 10 times more than that of keeping a loyal customer. Two significant factors that let customers use a bank’s new products are the loyalty of customers to the bank and the bank’s ability to offer its products to customers.

 

Therefore, every bank is trying to become an “ideal bank" for customers. By many measures, they attempt to establish a long-term mutually beneficial relationship and always pay attention to presenting gifts to loyal customers. However, most programmes are organised separately and discretely for different products and transaction channels. As a result, sometimes, customers are still confused between the loyalty programmes of banks and those of their cooperation partners.

 

The "Thank You Rewards" Programme launched by CitiBank is considered one of the most successful loyal customer care programmes in the world which is internationally recognised in the global retail banking sector. In 2012, the programme was named after the winner of COLLOQUY's Master of Enterprise Loyalty Award. Customers earn “Thank You” points every month from their transactions with any product and channel on the CitiBank network worldwide. Bonus points are accumulated even when customers use services from CitiBank’s partners like Smith Barney and Expedia or buy them. All points gained were stored in a general account where customers could take to redeem for merchandises or gifts like electronics devices, travelling tours, gift cards, cash, savings or charity. Furthermore, customers could also “make a wish" by recommending their own special rewards which is not even listed.

 

In the Middle East and North Africa, distinctive loyalty programmes launched by UAB and Mashreq Salamm were also successful and popular. UAB's customers earned bonus points when they used certain products and transaction channels and they could use points gained to redeem flight miles on its website. For Mashreq Salamm Bank, through its financial simulation tool called Mosaic, customers could simulate the most effective point accumulation programmes and redeem gifts or cash of equivalent value.

 

All banks understand that their efforts to take care of loyal customers deserve long-term, widespread investments because creating long leaps in customer relations is not always simple.

 

VPBank has built its comprehensive loyal customer care programme based on its assessments on the reality of bank - customer engagement and relationship. This is a form of marketing as well as an integral part of general business strategy. VPBank Loyalty Programme is based on three factors: The value and benefits of being a VPBank customer, the diversification of products and services under a single brand, and the diversification of transaction channels.

 

With VPBank's Loyalty, all transactions with credit card, debit card, payment account or smart savings account, loans or money transfer within a branch, online banking like VPBank Online, VPBank Mobile and VPBank SMS to online shopping or POS payment will be recorded with equivalent iCash bonus points. The bonus points will be accumulated in a single customer code. They can use iCash points to redeem expensive items or gifts at any VPBank branch.

 

iCash and its connectivity with various certified suppliers to convert or buy unlimited items are the advantages of VPBank's Loyalty. With its linkage to a wide range of leading online retailers in Vietnam like Lazada, Bao Kim, Samsung, Thegioididong and online supermarkets, VPBank customers have many opportunities to use iCash for various valuable items. iCash conversion is also very simple: Just a single click on the device to look up transaction logs and bonus points, view suggested gifts, enter conversion orders, and wait for the delivery.

 

VPBank’s upcoming plans are very ambitious: In the future, iCash will be accepted on online sales websites nationwide as a valuable currency and more items will be added to the redemption list, thus helping VPBank’s customers have interesting experience when they enjoy loyalty privileges.