Customer Acquisition
Retail bank investment in new customer acquisition
over the past few years has increased substantially with many banks
offering free products and services and cash incentives to lure
potential customers. Banks spend a great deal of their marketing
finances on this 'acquisition cost' per customer and with defection
rates on the increase, many banks find this ever growing cost difficult
to recover.
Luminous provides banks with solutions that can assist a bank to
expand their customer base profitably by delivering value add offerings
at key customer acquisition stages in the customer lifecycle.
Starting a new Business
Luminous offers banks the ability to deliver a number of benefits
to small and medium business owners and entrepreneurs. By offering
Luminous' solutions to its SME customers, the bank assists these
business owners with the financial management of their businesses
and their time is spent more productively on running a successful
business. This differentiates the bank in the market and encourages
potential customers to choose the bank when starting up a new business.
Franchise Strategy
Luminous offers an ideal solution for franchise businesses. The
ability of multiple interested parties to view information creates
an environment where benchmarks can easily be shared between franchisees,
where franchisors can frequently provide financial management advice
as part of the support process and where the bank can instantly
monitor performance. The value that is created by the bank for these
franchises creates the opportunity for the bank to adopt a bulk
acquisition strategy. For example, where franchisors make the use
of Luminous compulsory for franchisees, a bulk acquisition opportunity
of new bank accounts is created.
Accountants Strategy
Luminous also offers banks a unique selling proposition targeting
the accountant's network within the banking environment. Accountants
have customers who bank with competitor banks. By implementing Luminous,
banks can leverage the influence of the accountant to encourage
those customers to move banks. This is achieved by providing a value
proposition that significantly improves the accountant's business
processes. This also encourages the accountant to persuade customers
starting new businesses to open their accounts at the bank.
School and Students
Scholars are issued with bank debit cards along with Luminous's
education module and are taught from an early age about the key
aspects of personal financial management, including budgeting using
their own real transactions. This can be combined with access by
parents and or teachers who can provide mentorship at this key learning
stage. Relationships can be formed by the bank with schools which
can further enable acquisition of new accounts through this channel.
Students are issued with bank debit cards along with Luminous's
education module and are taught about the key aspects of personal
financial management, with the hands on practical experience of
using their own real transactions. Relationships can be formed by
the bank with educational institutions which can enable acquisition
of new accounts through this channel.
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