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. This was only the beginning of the bank’s commitment to loyalty. 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.
Credit card loyalty programs are an efficient and effective way to reward customers for their business and build goodwill. In fact, according to the 2017 FIS PACE survey data, consumers who use their primary bank’s credit card exclusively are more likely to view their bank favorably.
That’s why Modern Woodmen Bank decided recently to work 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 results took the bank 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.
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.