Rethink Profit Sharing.
Reimagining the Profit Share Program:
A large Credit Union on the west coast, faced a critical challenge: while they had a significant client base, they struggled to achieve Primary Financial Institution (PFI) status. Many clients held dormant or low-engagement accounts, choosing to conduct their primary banking elsewhere. Furthermore, their existing loyalty program, an aging, impersonal profit-share model, was failing to engage members or provide transparent incentive for deeper commitment. The Credit Union needed a highly engaging, quantifiable rewards platform that directly rewarded the total value of the member relationship.
The Relationship Rewards Engine
Cyder developed a sophisticated, institution-wide rewards program designed to address the PFI challenge head-on. The core of the solution is a monthly rewards calculation engine that determines the amount of points a member receives based on their depth of relationship.
This calculation is dynamic, factoring in key metrics such as the number of products actively used (across every line of business) and the total amount of funds deposited with the Credit Union. This system directly replaced the outdated profit-share model, providing members with a clear, engaging, and predictable incentive tied to consolidation.
Incentivizing PFI Status
The new Cyder-powered program creates a compelling motivation for clients to consolidate all their financial products with the Credit Union. The rewards members receive are now directly proportional to their relationship commitment, transforming the rewards program from a static benefit into a dynamic engagement tool. By working across every line of business and product, the solution ensures every interaction contributes to the member's monthly reward payout. This comprehensive, transparent, and highly engaging system is set to go live in 2025, repositioning the Credit Union as the natural choice for primary banking.
With Cyder, Reward Your Members For Anything