According to MyCustomer research, 70% of consumers say the rewards offered by financial services providers have a ‘major impact’ on their purchasing choice.
And a fifth of reward program members admit they would spend more with the program if they were offered more personalized and relevant rewards.
Horizon can help you deliver the rewards program consumers want — find out how…
A new Horizon for loyalty
Horizon is the secure, robust and scalable loyalty platform for customer data acquisition, insight and action ‘in the moment’ — to understand your individual customer personas, their financial goals, motivations and behaviours.
The unique Horizon ELVIS Insight engine will track their mobile usage, web engagement, in-branch visits and credit card spend, enabling highly targeted communication to welcome new customers, incentivize and grow their product usage, and win-back profitable customers about to lapse – through the presentation of timely and highly contextual content, offers and rewards.
Keeping pace with consumer demands
Insurance companies must strive to become present in their customers’ lives. Cultivating long-term success now requires interacting more frequently, and delivering greater value to customers at every opportunity. As the use of comparison sites continues to grow, insurers are having to compete more aggressively to acquire and retain customers.
The 2015 Bain research survey states that, “companies that lead in acquisition attract more price-sensitive customers than companies that excel in retention. These customers naturally are more difﬁcult to retain, having high defection rates — up to 2.6 times that of other customers — as they hunt for the next price deal.”
The ability to earn greater loyalty can halt defection rates and generate greater returns. But how can you encourage customers to become loyal promoters who stay longer, buy more and recommend you to friends and family?
- The critical unified, complete view of the customer that insurers need
- Ability to bring data from many different sources such as underwriting, claims, marketing, sales and the call-center into one place, to gain the critical, real-time insights you need
- Readiness to capture data from the Internet of Things (IoT), such as connected home and car devices, together with the capability to utilize and monetize it
- The power to analyze in real-time, and enrich the customer experience (CX) at every customer touchpoint
- Ability to make data-driven, forward-looking decisions by having the strategic insight you need
- Data acquisition, to develop highly targeted, personalized products and services, and to dramatically increase the number of opportunities available to grow your revenue
Use technology to build deeper customer relationships
The solution to the decline of customer loyalty? A stronger relationship with customers. According to Derek Frost, principal and executive advisor at CEB, banks need to focus on deeply understanding their customers. Banks also need to dig deeper to learn what today’s customers want from financial institutions — to ensure that they remain relevant in the digital world of online and mobile banking.
To compete, banks need to increase their capacity to build genuine relationships with their customers. Ultimately, what they don’t need is more data — they need insight. With products becoming more commoditized, customer experience is becoming the primary competitive advantage — and technology is at the heart of the solution, helping financial firms to earn deeper relationships through delivering more personalized, timely and accessible offers.
Horizon will help you to:
- Be more proactive and consistent in your customer contact strategy
- Use every interaction to learn more about the each customer, so you can specifically design and target customized future offerings
- Reduce customer propensity to churn, by cross-selling multiple products that align with customer needs and lifestyle choices
- Alert you to life/ event buying signals, such as moving house or entering retirement
- Invest in delighting — not simply satisfying — customers at key moments of truth, by using sentiment analysis alongside rational factors such as lifetime value
- Communicate highly personalized offers as part of a card-linked scheme, to dramatically increase the number of opportunities available to grow your revenue
- Identity, target and reward the most influential consumers who promote your content and offers across social media
Why choose Horizon
With the breadth of devices, channels and touch-points available to customers today, Horizon makes it simple to devise and execute a successful loyalty marketing strategy. The Horizon Loyalty Hub was built from the ground up to help companies focus on addressing this ‘new era’ of consumer demand, by providing the ability and agility to engage with customers individually — at scale and in real-time.
Horizon offers an unbeatable speed of implementation, is super-easy to use and delivers a return on investment faster than any other solution on the market.
We empower our clients to be leaders in their fields by creating profitable, long-lasting customer relationships and delivering in-the-moment customer experiences that are truly personal, going way beyond traditional loyalty marketing techniques.
Stay close to your customers
More frequent contact with consumers can help to foster loyalty. Horizon helps you to:
- Be more proactive and consistent in your customer contact strategy.
- Use every interaction to learn more about the each customer, so you can specifically design and target customized future offerings.
- Build predictive models that match your tailored offerings to target segments.
- Reduce customer propensity to churn, by cross-selling multiple products.
- Create compelling value propositions, and target the right offer at the right time.
- Use advanced analytics to improve retention among less price-sensitive segments.
- Alert you to life-event buying signals, such as buying a house or car.
- Invest in delighting — not simply satisfying — customers at key moments of truth.
- Reward influential consumers who promote your content and offers across social media.
Your valuable data — in safe hands
We take information security very seriously, and build it in to everything we do. For over 15 years, we’ve worked closely with UK Government departments and police forces, as well as private sector clients, to ensure that their data is handled securely.
We have designed and implemented our platform, processes, policies and procedures in line with the requirements and recommendations of ISO27001, along with other industry standards. Information security is a paramount consideration across our entire business.
- ISO27001:2013 certified (since 2010)
- All staff Security-Cleared (SC)
- Full staff training and awareness programme
- Secure software development and operational infrastructure training
- CLAS consultant software & infrastructure design review
- Regular technical penetration testing