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Co-op Account Launch - A case study
The Challenge
The Co-operative Bank were proactively seeking partnership support to revitalise their current account packages. The bank was also undertaking a brand refresh at the time and any new proposition would need to support this activity.
Our Solution
Lifestyle Services Group identified a multi bundle proposition that gave the customer choice to select products that matched and fitted with their lifestyles. The objective was around ensuring the right customers got the right products driving maximum advocacy and value.
The proposition had core benefit features and then a choice of 3 bundles that the customer would be driven to proactively select.
The main challenge with this model was the multiple products and suppliers that needed coordination. Not only through the delivery and shaping of the offer – but from a customer experience perspective. How would we wrap this up into a marketable single proposition through one brand and service model?
Lifestyle Services Group would offer a full end-to-end solution of the mobile phone insurance and benefit bundle administration. This included the provision of a call centre, building and hosting a dedicated white-label website, policy registration, product fulfilment and third-party supplier management. Lifestyle Services Group designed a service solution that sourced multiple products, including their own, and then delivered them through a client branded one-stop-shop solution of a Benefits Helpline and Benefits Website where customers could access and manage their AVA benefits.
How we did it
Lifestyle Services Group supplies the Bundle Benefits and services, including registration and claims, either directly or with partners and manages the customer interface on behalf of the client. This approach provided a single point of contact for the customer and a single point of contact for the client. This was achieved by the Lifestyle Services Group service teams taking initial calls and then routing them where necessary, to the relevant third party teams.
Highlights
- The first pick and mix added value account on the market
- Existing AVA customers received new account or upgrade account
- 2 service websites built and launched by Lifestyle Services Group
- Recruitment and training of 30 additional service personnel
- 7 suppliers appointed - contracts reviewed and placed by Lifestyle Services Group
- Systems developed and integrated with client and suppliers
- Co-ordination and development of over 160 individual pieces of consumer collateral
- Complex delivery implemented in 14 weeks
- Launched on time and on budget - 29th Sept 2008
Results
The project was delivered in record time, and on budget. The Co-op received wide spread coverage for this “first to market” proposition and in just a few months thousands of customers had opened a new account. The customer base continues to grow and churn is very low, indicating the contribution the AVA has made to customer engagement and loyalty. Due to the success of the AVA the Coop launched the offering to their credit card base in 2009.