Growing the Bank through Loyalty Rewards
Empowering Modern Woodmen Bank
Modern Woodmen Bank first began rewarding its customers in 2012. The bank initially collaborated with FIS to implement ScoreCard® Rewards to provide a points program for customers who opened a new checking, savings or credit card account and used it for at least six months. In 2015, the bank expanded its loyalty program to reward additional behaviors like the use of direct deposit and bill pay – and for referring a friend or using a new service themselves.
At a Glance
OBJECTIVEIntroduce an attractive loyalty program to encourage new account openings.
RESULTSModern Woodmen Bank worked with FIS to add Relationship Rewards to its existing ScoreCard Rewards loyalty program. There were four product categories targeted: checking, savings, certificates of deposit, and credit cards.
The bank went from an average of 236 new accounts a month to 586 new accounts a month – a 148 percent increase – in just the first seven months of implementation.
increase in new accounts
The results have been amazing!"
What’s next for Modern Woodmen Bank’s loyalty program? The bank wants to expand to include rewards for enrolling in mobile banking, monthly activity and switching to paperless statements.