Method and system for retaining customer loyalty

• US 8,533,031 B2
• Filed: 09/17/2010
• Issued: 09/10/2013
• Est. Priority Date: 10/17/2000
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Lefebvre, Christopher R., Konen, Christopher James Sr., Keane, Matthew Joseph, Budischak, Elissa
• Primary Examiner(s): Hamilton, Matthew L
• Application Number:
  US12/884,313
• Publication Number:
  US 20110022454A1
• Time in Patent Office: 1,089 Days
• Field of Search: 705/14
• US Class Current: 705/14.1
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0224 based on user history

Abstract

A system and method for providing incentives to customers where the incentives are tailored to the customer'"'"'s needs and expectations while achieving profitability to the provider are presented. The present invention determines a set of incentives based on customer segmentation, card segmentation, call type as well as other factors. Upon receiving a request for termination or other request, the customer may be routed to an appropriate person, department, or group. Information regarding the account may be identified and retrieved and the customer may be verified. Based on customer payment history and other information, the customer segment may be identified. Incentives are then determined based on customer segmentation data, product information, and call type. These incentives are offered to the customer for approval. If the customer does not accept the incentive, other sales opportunities may be offered to the customer in an effort to retain customer loyalty.

Claims

1. A computer implemented method for providing one or more tailored incentives to a customer, the computer implemented method comprising:

retrieving, by at least one processor, account data associated with the customer in response to a request from the customer;

identifying, by the at least one processor, from the request a request type from a list of predetermined request types wherein the request type identifies the customer'"'"'s current situation;

identifying, by the at least one processor, the customer as a customer segment wherein the customer segment identifies the customer'"'"'s past behavior;

identifying, by the at least one processor, one or more incentives for the customer based on the request type, the customer segment and one or more profitability factors associated with a financial institution providing the one or more incentives; and

offering, by the at least one processor, the customer at least one of the identified one or more incentives, wherein the one or more incentives comprises at least one product or service offered by the financial institution, for retaining the customer in response to the request.

2. The method of claim 1, wherein the step of identifying the customer as a customer segment, further comprises the step of:

assigning a value to the customer based on at least one of customer payment history, customer payment habit, customer behavior data and credit bureau score.

3. The method of claim 1, wherein the step of identifying the customer as a customer segment, further comprises the step of:

considering information related to at least one of customer delinquency data and customer attrition data.

4. The method of claim 1, further comprising the step of:

offering the customer another one of the identified one or more incentives for retaining the customer in response to the request.

5. The method of claim 1, wherein the step of identifying one or more incentives further comprises the step of:

applying one or more restrictions on the one or more incentives based on the one or more profitability factors.

6. The method of claim 1, wherein the request comprises one or more of a telephone call and Internet communication.

7. The method of claim 1, wherein the one or more profitability factors comprise one or more of customer payment delinquency and customer ability to pay.

8. The method of claim 1, wherein the step of identifying the request further comprising the step of:

identifying a product associated with the customer, wherein the one or more incentives comprises an adjustment to the product.

9. The method of claim 1, wherein the request is a request to terminate a relationship with the financial institution and the customer.

10. The method of claim 1, wherein the at least one of the identified one or more incentives is provided to the customer via an electronic communication.

11. The method of claim 6, wherein the at least one of the identified one or more incentives is provided to the customer via an electronic communication.

23. The method of claim 1, wherein the request type comprises one or more of:

close account, request for re-price, request for competition offer and request for account consolidation.

12. A computer implemented system for providing one or more tailored incentives to a customer, the computer implemented system comprising:

at least one processor configured to perform;

retrieving account data associated with the customer in response to a request from the customer;

identifying from the request a request type from a list of predetermined request types, wherein the request type identifies the customer'"'"'s current situation;

identifying the customer as a customer segment, wherein the customer segment identifies the customer'"'"'s past behavior;

identifying one or more incentives for the customer based on the request type, the customer segment and one or more profitability factors associated with a financial institution providing the one or more incentives; and

offering at least one of the identified one or more incentives, wherein the one or more incentives comprises at least one product or service offered by the financial institution, for retaining the customer in response to the request.

13. The system of claim 12, wherein the customer is assigned a value based on at least one of customer payment history, customer payment habit, customer behavior data and credit bureau score.

14. The system of claim 12, wherein the customer segment considers information related to at least one of customer delinquency data and customer attrition data.

15. The system of claim 12, wherein the customer is offered another one of the identified one or more incentives for retaining the customer in response to the request.

16. The system of claim 12, wherein one or more restrictions is applied on the one or more incentives based on the one or more profitability factors.

17. The system of claim 12, wherein the request comprises one or more of a telephone call and Internet communication.

18. The system of claim 12, wherein the one or more profitability factors comprise one or more of customer payment delinquency and customer ability to pay.

19. The system of claim 12, wherein the request further identifies a product associated with the customer, wherein the one or more incentives comprises an adjustment to the product.

20. The system of claim 12, wherein the request is a request to terminate a relationship with the financial institution and the customer.

21. The system of claim 12, wherein the at least one of the identified one or more incentives is provided to the customer via an electronic communication.

22. The system of claim 17, wherein the at least one of the identified one or more incentives is provided to the customer via an electronic communication.

24. The system of claim 12, wherein the request type comprises one or more of:

close account, request for re-price, request for competition offer, and request for account consolidation.