Key Outcomes
Significant new subscription fee income
Improved customer profitability
Increased engagement & retention
Uplift in customer acquisition
Challenge
A leading regional U.S. bank recognized it was losing ground as competitors launched identity protection services. Customers increasingly expected digital security as part of their financial relationship, but building a solution internally was not feasible.
The bank had identified three strategic priorities:
Increase Competitiveness
Competitors had already embedded identity protection into their offerings. Without a comparable solution, the bank risked falling behind in meeting customer expectations.
Increase Non-Interest Income
Leadership sought a way to monetize identity protection as a source of non-interest income while preserving customer experience and brand alignment.
Managed Implementation
Internal teams did not have the resources to develop, implement, or manage a fully featured program at scale within the required timeline.
Solution
To support the bank’s strategic goals. We developed a fully branded identity protection program tailored to the bank’s business needs and customer segments. The program was designed to generate meaningful financial returns while delivering a compelling digital benefit that meets or exceeds what is available elsewhere in the market.
Solution features included:
Tiered Product Offering
The program offered a free base plan and a premium tier with enhanced features. This structure enabled the bank to reach a broad customer base while providing a clear upgrade path. It balanced accessibility with monetization potential, supporting retention and increasing customer lifetime value.
Recurring Revenue Opportunity
The premium tier delivered a clear, compelling value proposition that drove adoption and generated predictable non-interest income. Adding a subscription-based revenue stream beyond core banking products, the program diversified income and improved profitability per customer.
Seamless Brand Integration
Fully white-labeled, the solution aligned with the bank’s brand and customer experience. Customers engaged with it as part of the bank’s digital ecosystem, reinforcing trust and offering a competitive benefit that matched or exceeded alternatives in the market.
Fully Managed Delivery
PrivacyGuard managed the entire program lifecycle, including setup, compliance, training, and marketing support. This turnkey model ensured smooth implementation and minimized the need for internal resources.
Impact
Revenue Growth
Introducing a fee-based premium tier delivered high perceived value and unlocked a new, recurring revenue stream. Nearly 50% of subscribers were classified as high-revenue or high-engagement households.
Stronger Customer Retention & Engagement
Households enrolled in the identity protection program remained with the bank an average of 2.4 years longer. With 85% of ID protection subscribers users still active, compared to 72% without it, the program improved retention and customer stickiness.
Increased Product Penetration
Nearly 50% of ID protection-enrolled households held five or more bank products, underscoring the program’s role in increasing customer profitability and deepening relationships.
Stronger Competitive Positioning
By launching a comprehensive identity protection offering, the bank matched and, in some cases, exceeded competitor capabilities. This helped strengthen its brand and meet rising consumer expectations for ID protection.
Ready to See Similar Results?
Talk to us about launching an identity protection program that drives business impact.