Industry: Banking
Background of client: A Fortune 500 banking company in Hong Kong
Business unit(s) involved: Customer Experience Team and Relationship Manager Team
Business Challenges:
The retention rate of new customers dropped significantly. After further investigation, management found that the majority of lost customers belonged to the reward-seeker category. Their major motivation to open accounts had been to gain short-term privileges (e.g., higher interest rates and special welcome gifts) within the first three months. These customers closed their bank accounts immediately after the privilege period finished.
In the banking industry, this situation is very common and most banks waste a lot of resources serving reward seekers. To achieve breakthrough business results, management wanted to develop innovative strategies to transform short-term reward seekers into long-term wealth seekers over short periods.
One of the major challenges for building relationships with reward seekers is that they are not generally willing to communicate with relationship managers, but struggle to reach their delegated relationship managers during urgent situations. This forces them to call the general customer hotline to solve their urgent needs. As the customers do not feel that relationship managers can help them to develop good wealth solutions and they do not engage in any meaningful communication with their relationship managers during the first three months, they intend to close their bank accounts after the privilege period finishes.
Methods Involved: Design Thinking, CEN/TS 16555 and 5i Customer Management Method
Type of Transformation: Customer Experience Transformation

Project Objectives:
Transforming reward seekers into wealth seekers through providing memorable professional and helpful experiences
Duration of Project: 3 months
KPIs of Project:
  • Retention Rate
  • Number of successful sales or service calls during privilege period
Our Deliverable:
  • Developed an analytical report that identified the major moments when reward seekers may need support from relationship managers
  • Arranged a Hackathon event
  • Developed a mobile application to help these customers more easily seek help from their relationship managers during urgent situations
  • Designed a set of rapid relationship building scripts for different customer personality types, for relationship managers to use during the first 20 seconds of every sales or service call
Client’s Tangible Results:
  • The retention rate was increased for the customers who had at least one instance of successfully seeking help from their relationship manager during the privilege period
  • The number of successful sales or service calls improved by double digits