I am a bank and I send reward points for redemption to my customers. The site is 5-year-old, and we are planning to revamp it now. Lately, we have noticed that customers are not redeeming the points. What could be the reason and how to tackle it?

Question

Accepted Answer

[Please note that I stands for Interviewer and C stands for Candidate]

C: Could you give me more details about our customer base? How do we segment them? In my opinion we could segment them based on criteria like based on amount and size of transactions.

I: Very good, we do segment them based on transaction size into high-end and lower-end customers.

C: Are they both provided points in the same section/ category?

I: Yes.

C: How are the points delivered?

I: Physically.

C: Could you give me a few moments to structure my thoughts.

I: Surely!

C: I will map the entire user journey by assuming that I am the bank's customer and point at various flaws through the process. I am someone who is busy and will not check my messages (SMS) very often. I am used to WhatsApp and emails. If the bank sends me the points through a message, I miss out. The bank should either call me via Relationship Manager or email me.

I – Great, what next.

C: I fear cyber-attacks. If a message is not properly, formally drafted and looks suspicious, I might not click on the link. So, the bank should make sure that the message is carefully drafted.

I: What are some other things you will consider?

C: Once I click on the link, the site should not take a lot of time to load because I, as a customer, am not very patient. The process should be smooth, and I should not face any issues. The site should be customer friendly for ease of use. The sections for different levels of points must be separate as customers would want different kind of points and services accordingly. The deals must have a sufficiently larger expiry date as the points are physically delivered.

The bank should transition to providing points online itself as customers are increasingly transacting online and do not have to wait for a physical delivery. The deals and offers that customers get should be customized according to different target groups as lower and higher end people have different requirements.

I: Okay, so how will you ensure this?

C: We can have separate sections for both the segments. We can float forms occasionally to understand what customers expect and the kind of deals, they want. Post that, we need to onboard the relevant vendors. We need to ensure that client preferences are met. For example, a higher end customer would want a spa appointment while a lower end customer might just need shopping vouchers.

We also need to consider the COVID-19 situation currently as consumers are increasingly availing services online. We can tweak the deals accordingly.

Example - customers are using Urban Company services over salons and spas these days. We also need to ensure that the items/services we are giving points for are suitable in terms of price as the customer would not want to pay the balance amount (i.e., net of points) if it is too costly.

I: Okay, I think I am done. That was comprehensive and a great one.

I am a bank and I send reward points for redemption to my customers. The site is 5-year-old, and we are planning to revamp it now. Lately, we have noticed that customers are not redeeming the points. What could be the reason and how to tackle it?

Top Mastercard Advisors Consultant interview questions & answers

Popular interview questions of Consultant

Top HR questions asked in Mastercard Advisors Consultant