How do you change brand perception?

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The Brief

To create a bank-wide reward and loyalty program to double the number of products per customer.

The Outcome

Fahrenheit 212 uncovered a key insight that consumers’ tendency to diversify among banks was primarily a result of banks themselves creating structural barriers that eliminated incentives for consolidation and, ultimately, rewarding customers. Each of Mashreq’s division presidents was reluctant to provide a benefit to his customer for activity associated with another division within the bank. Salaam Mosaic, the solution developed by Fahrenheit 212, positively adjusts terms and fees across the customer’s existing portfolio in real time, making visible the immediate benefits of a deeper relationship with the bank to their net wealth. Fahrenheit 212 developed the algorithm and platform that allowed the real-time distribution of the banks’ customer acquisition funds to provide rate and fee adjustments to the customer at the point the product is purchased. Salaam Mosaic went into beta test in September 2010 and launched across the network in May 2011. In the first year, product cross-sell metrics ended 35% ahead of the launch year forecast.