UBS/Paine Webber

Challenge: 

PaineWebber was faced with a strategic challenge in its goal to manage cash and reserves and act as “financial consultant” for its customers in a fiercely competitive marketplace. The financial vehicle to consolidate activity across various PaineWebber lines of business was identified as the Resource Management Account or RMA. Similar to competitive programs available, RMA accounts are driven by a suspended debit card, which provides for a 30-day holdback before account balances are depleted to fund card activity.

Rewards-based programs have proliferated in the credit card market and met with considerable success in driving consumer spending. Additionally, in-category competitors have launched rewards programs in support of their suspended debit card products. Brokers needed to also be considered relative to their concerns of a potentially uneven playing field.

The Mallett Group Solution: 

The Mallett Group approached the assignment by adopting a segmented tactic. Recognizing that the credit card has emerged and established a strong foothold as the financial vehicle of choice, a unique set of customer benefits were evolved and modeled. A comprehensive loyalty platform was developed, including extensive economic modeling to underpin the program.

The broker distribution channel was considered and their involvement encouraged in the development of the platform. Inhouse staff was recommended and ultimately hired to support the loyalty program, with the weight of backroom and operational support functions absorbed through selective outplacement. An anticipated outgrowth of a debit-based loyalty platform was the ability to cross-sell and co-market other financial products and services.

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