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Personal Banking

Improving profits in personal banking and finance

Standing out from the crowd in personal finance is tough – customers see little differentiation between one product and another other than an introductory offer and rates and the only visible update is a statement. This is getting worse as challenger banks and financial services organisations focus on poaching the most profitable customers.

Customer Retention

Our starting point is to focus on improving loyalty with your existing customers – with typical customer retention as low as 75% in current accounts and rates ranging from 10% to 50% in credit cards and some forms of finance.
Loyal customers are:

5x
as likely to repurchase
4x
as likely to refer
3x
more will buy a new product
5x
as likely to forgive
7x
as likely to try new things
5%
the cost to sell to
20x
profits per 5% + retention

20 to 25 percent of customers leave during the first year, with half not making it past the first 90 days after opening their accounts – yet the average cost to acquire and on-board them is £150 – that’s madness. Creating happy customers is simple – reward them and help them save money – imagine if you were offered free rewards and benefits worth £2-3000 every year? Wouldn’t that make you a loyal customer?
Delivered through a web portal and app, the programme can include:

  • Financial wellness support
  • Free treats like holidays, experiences and vouchers
  • Concierge services to save customers time and provide a true VIP experience
  • Up to 98% saving on shopping, health clubs, cinema, eating-out, transport, holidays and leisure
  • Lotteries
  • Refer customers to your bank or give positive reviews
  • The ability to earn points to spend on rewards
  • A better customer experience as our feedback helps to minimalise negative experiences

A programme like this has helped increase retention for finance by 62% for GE Money. It can even generate direct profits by forming a lasting bond

In addition providing the ability to contact customers with regular positive news, the customer loyalty programme will help re position the bank as a membership organisation that helps improve their health, wealth and happiness.
If your bank or credit card was giving you free rewards and savings worth thousands every year, would you consider going anywhere else?

Customer Acquisition

Once you have created this compelling point of differentiation, we can help you acquire more customers.
Our acquisition team can help you through:

  • Getting referrals through existing customers
  • Motivating introductions through influencers and channels like unions, membership organisations, charities and other loyalty programmes
  • Prospecting with innovative solutions to get high quality leads for a low cost

Experienced team

We have worked with many of the leading financial services companies including: Abbey, AIG, AN Business, Barclays,
Barclaycard, Black Horse, First National Bank, GE Money, Goldfish, Honda Finance, ING, Leaseplan to name a few

Find out more

We invite you to book a free 30-minute strategy call
directly with Tim Peniston-Bird to see how to add value to your initiative.

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Schedule time with
Tim Peniston-Bird

Orangutan TM Ltd - Registered in England No. 4187854 at Lodene Southfields Road, Woldingham CR3 7BG
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