SAIB awarded the Best Bank of The Year with the loyalty program implemented by VeriPark
Saudi Investment Bank, using banking CRM application, VeriTouch, developed by VeriPark on Dynamics CRM, selected as "The Best Bank of the Year" among four challenging finalists in "Loyalty Program of the Year - Financial Services" category within "Loyalty Awards 2015" organized by Loyalty Magazine.
Among SAIB's finalist competitors were Lloyds Bank with "Everyday Offers" program, Akbank with "Emotional Touch" and Aviva with Aviva Advantages.
Saudi Investment Bank announced SAIB loyalty program including rating applications that provide advantages such as various discounts, awards, mile exchange in airlines and developed on VeriTouch at the beginning of 2014.
Thanks to the program aiming empowering of company perception in individual banking, increasing customer satisfaction and NPS points, total customer loss rate was lowered to 3.1% on monthly basis and 1.8% on yearly basis, while it is lowered to 2.8% on monthly basis and 1.5% on yearly basis in the most valuable customer segment.
In the light of results of the analysis of data collected through loyalty programs that are managed by Ketchup that is the business partner of VeriPark, having the opportunity to design highly successful new campaigns, SAIB increased its revenue from each active customer participating in the program by 6%, on average.
SAIB, by implementing Dynamics CRM and VeriTouch, aimed to gain new customers while acquiring current customers, to improve customer relations, and to enhance sales and marketing activities. As well as, enabling an efficient complaint management system, and having effective processes that provide a better evaluation of new customer acquisition and sales opportunities. SAIB, reaching its expectations by a substantial recovery, now registers this through its awards.