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At OneMain Financial (formerly Springleaf), genuine care triggers long-term customer loyalty. Those 1-to-1 interactions, knowing customers by first name, have become an integral component of OneMain Financial’s successful business model.
Loyalty360 caught up with Dave Hogan, Executive Vice President, Decision Analytics & Marketing, OneMain Financial to learn more about the company’s approach to customer loyalty.
“Customers are more loyal to OneMain because we genuinely care about them and we take providing an exceptional customer experience very seriously,” Hogan explained. “It’s part of who we are as a company and it’s something our team members live and breathe every day. We live and work in the same community as our customers and they are our friends, neighbors, and family members.”
The financial well-being of its customers is of paramount importance to OneMain Financial.
“Our goal is to help our customers build their credit history and improve their credit scores,” Hogan explained. “To help, we provide a number of online tools including calculators, blogs, credit management articles and free copies of the customer’s credit score. Financially aware customers make better financial decisions.”
Last year, OneMain Financial launched a new rewards program that is unique to the lending industry.
“Unlike most other rewards programs, we award customers points for doing things that are good for them,” Hogan said. “For example, paying on time, signing up for automatic payments and paperless statements, or regularly checking their credit score, which we provide online for free. Customers can use these points to redeem for gifts cards to be used in restaurants, movie theaters, and online.”
OneMain Financial’s customer experience and customer loyalty initiatives are quite sophisticated.
“We start with surveying all of our customers, both at onboarding and recurring thereafter,” Hogan said. “We use this information to make our processes and customer interactions better. In fact, customer satisfaction levels are included in the metrics we use to evaluate our employees. We’re proud that our customer satisfaction rate was 92% last quarter and our net promoter score is 72, which is 20-30 points higher than most other financial services. We also focus on providing a higher degree of value add for our customer.”
For example, OneMain Financial provides free credit score monitoring and financial education tools on its website.
“All of this comes together in loyalty where we are seeing customer attrition rates continually improve year over year,” Hogan said. “Our team members are the face of our company. They build the relationships with our customers that keep them coming back and, as our net promoter scores show, referring their friends and family. We are committed to being a great place to work and believe that fostering such an environment will show through in all of our interactions with customers. This is something we work on every day.”
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