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Alliance Data - Award for Innovation in Sales

Gold Stevie Award Winner 2018, Click to Enter The 2019 Stevie Awards for Sales and Customer Service

Company: Alliance Data, Columbus, OH
Company Description: Alliance Data is a leading global provider of tailored marketing and loyalty solutions, delivered through branded credit programs that drive more profitable relationships between our brand partners and their cardmembers. We offer private label, co-brand, and business card programs to many of the world’s most recognizable brands across a multitude of channels.
Nomination Category: Sales Awards Achievement Categories
Nomination Sub Category: Award for Innovation in Sales - Business Services Industries

Nomination Title: Frictionless Mobile Credit

Tell the story about your organization's innovations in sales or business development since the beginning of July 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Alliance Data’s card services business is a leading provider of tailored marketing and loyalty solutions, delivered through branded credit programs that drive more profitable relationships between our brand partners and their cardmembers. We offer private label, co-brand, and business products to many of the world's most recognizable brands across a multitude of channels.

We uphold our Know more. Sell more.® promise by leveraging unmatched customer insights, advanced analytics and broad-reaching innovative capabilities. It's how we deliver increased sales to our partners, build enduring loyalty to their brands and provide more value to our cardmembers.

As experts in retail, we know that applying for a credit card at a brand’s store needs to be quick and simple for the customer and the retailer. Customers may want to apply for credit within the privacy of their own phone, in the dressing room or during their shopping experience. But, our research showed a double-digit abandonment rate during the traditional mobile credit application process.

This led our innovative Products and Capabilities team to create a new way to make the credit application process more seamless. The new technology is called Frictionless Mobile Credit. It is an innovative advancement of texting to apply for credit. We were seeing abandonment due to the amount of information needed to type and switching between numbers and letters on a small screen. Alliance Data’s proprietary research indicates that 52 percent of those surveyed indicated that the application process took too long. The ease of the application process on mobile was rated as more important than for those who started the application process via a different method.

Our unique approach of leveraging the mobile number, zip code and last 4 SSN to match against our against our internal databases, and several other data sources allows us to pre-populate 70 percent of the application and reduces keystrokes by approximately 60 percent. More importantly, we were able to reduce mobile abandonment by as much as 95 percent.

The strategy to ensure usage was to design an application to add convenience, save time and reduce abandoned mobile credit applications. The solution: Frictionless Mobile Credit provides shoppers with the ability to apply for a store-branded credit card in a matter of seconds.

With first-of-its-kind Frictionless Mobile Credit (patent pending), shoppers can easily apply for private label credit while shopping:

-Customer sees a sign in store promoting credit
-Customer sends a text and receives a link to a credit application
-Customer clicks link and enters a few pieces of information
-Just a few keystrokes and consumers are on their way to applying for credit.
-Through Alliance Data’s proprietary process, a credit application is automatically populated using information from vast data resources.
-Customer clicks submit and is approved to purchase immediately

For marketers of retail brands, Frictionless Mobile Credit’s benefits include:

-New accounts – Acquire more credit card members by eliminating friction and providing a quick and seamless credit experience.
-Out of lane acquisition – Enable customers to apply on their own, away from the register and keep store lines moving.
-Purchases/credit sales – Increase cart size and customer spend on the card with access to immediate buying power.
-Implementation – Save time and resources by implementing a credit acquisition method that does not require POS integration.

Results have been strong:

-92 percent click-through-rates from SMS text messages
-60 percent pre-fill match (and continuing to improve), meaning 60 percent we are able to find the consumer’s data in order to prefill the application; therefore, the customer does not have to key any data.
-88 percent same day credit card activation rate
-95 percent reduction in abandonment rate
-Significant lift in first purchase