Financial institutions face the challenge of keeping cardholders engaged without the expense of acquiring new customers.
By partnering with inteQ, a global financial technology company was able to implement a credit card activation program that not only boosted engagement but also increased revenue and strengthened cardholder relationships.
The Situation:
A global financial technology company serving financial institutions needed a solution to boost engagement and loyalty among cardholders. They wanted a credit card activation program that could seamlessly support multiple clients and channels, while offering rewards to encourage card usage.
However, they faced the challenge of designing a program that would engage cardholders without the costs of enrolling new accounts.
Our Solution:
inteQ designed and now manages a robust credit card activation program tailored for financial institutions. With scalability at its core, the program is capable of handling multiple concurrent activation campaigns across different client platforms.
We focused on simplicity and effectiveness, using traditional direct mail as the primary communication method to inform cardholders of their eligibility to earn rewards like merchandise or cash back—just by using their existing accounts.
Our solution covers every aspect of the activation process, from tracking spending and calculating rewards, to processing orders and providing ongoing customer support. By handling the full range of tasks, we made it easy for financial institutions to offer a seamless and engaging experience for their cardholders.
The Result:
The activation program’s straightforward design has led to impressive results for participating banks and credit unions. On average, the program sees an activation rate of up to 50%, with nearly 40% of activated cards still in use after one year.
What’s more, the cost of reactivating a cardholder is significantly lower than enrolling new customers, making this program a cost-effective solution for financial institutions looking to boost engagement and rebuild relationships with their cardholders.
Thanks to inteQ’s program, financial institutions have been able to increase revenue, improve cardholder retention, and build lasting relationships—without the high costs of attracting new customers.
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