Diane Scott, Western Union Executive Vice President, Chief Marketing Officer is very excited about her company’s new loyalty program called MY WU.
Loyalty360 caught up with Scott for a compelling interview about the loyalty program and its impact on customer experience and customer loyalty.
What factors prompted WU to launch My WU and what are the company's goals for it?
In this digital age, there are constant changes in how people are managing their financial lives. With the My WU loyalty program, we are offering our best customers seamless access to money transfer and additional benefits at the channels of their choice, with digital and mobile money transfer options.
Our main goal for the My WU program is to create a deeper connection with our customer that has more to do with establishing trust and peace of mind than merely offering “perks.” Behavioral economists say that economic decision-making is 70% emotional and 30% rational, which means to us that a strong loyalty program is an important tool in creating and maintaining long-term consumer relationships. We believe that by providing loyal customers with the experience and reward benefits they find most useful, we will continue to enhance their trust in our brand.
What are money transfer customers looking for in their loyalty programs?
We based our My WU program offerings on an extensive customer survey conducted to identify what customers seek in money transfer services. It was revealed that they would appreciate fast and easy transfer and receipt of funds, special pricing offers, seamless control and support with customized account management – and we designed and implemented all of these benefits into the My WU program. In addition, it was found that customers sought more communication during the money transfer process, and My WU keeps members informed through up-to-the-minute their choice of SMS and email status notifications.
What are the benefits of a loyalty program to the bottom line?
A well-designed loyalty program can be invaluable. Loyalty programs offering the most attractive benefits are a key factor for 67% of consumers deciding where and when they will do business with a company, according to Bond Brand Loyalty. It was also found that 50% of consumers would change brands depending on a loyalty program’s benefits.
We know that after our customers become members, they have higher retention and deliver more revenue per year–and we now add an extra level of “stickiness” to this extensive customer base by offering membership to both transaction senders and receivers in countries that offer the My WU program. We are confident that the My WU program will continue to build longer and more fruitful relationships with current customers, while attracting many new ones.
What makes this loyalty program unique?
We move money for family support, education, and gifting. Every one of these transactions involves two individuals – a sender and receiver. A unique aspect of the My WU program is that it offers membership and rewards to both senders and receivers of qualifying transactions. Offering a program to customers on either side of the world cements our relationships and builds customer confidence in our service.
This is a unique way for us to show appreciation for our members. We believe there is value in making the extra effort to support receivers of money transfer transactions, as these are the people who ensure remittance funds are effectively put to use for often pressing needs.