LOYALTY BANKING
# 1
Account specific perks
# 2 Omnichannel capabilities
# 3 Comprehensive rewards structure
# 4 Regular and timely new offers
# 5 Rewards based on customer participation in tasks , events , etc .
# 6 Priority benefits
# 7 An ‘ elite club ’
Reclaiming lost trust There is a discernible race between the two banking factions to resolve their customer pain points , and it is a competition in which neither is fast-emerging as the victor . In terms of building loyalty generally , Quinn emphasises that banks must infuse relevancy into their offerings above all else . “ Banks need to invest in technology , provide services and products that are harmonious with key segments ’ needs , increase transparency through the customer journey , and infuse humanity and personalisation into these digital channels .” Fundamentally , technology needs to be at the heart of banking and not a periphery concern .
Following traditional banking ’ s positive response during the pandemic , Cuthell is more optimistic about its continued ability to build customer loyalty . “ Our research of 20,000 US consumers in June 2020 found that 30 % of respondents were more likely to recommend their bank based on their experience during the pandemic ,” she reports . “ However , direct banks still maintain a significant lead in loyalty , so it will take more than the pandemic to erode that advantage .” In conclusion , Cuthell agrees with Quinn ’ s sentiment that combining “ a human touch ” with technology is the most valuable strategy moving forward . “ To do this , banks will need to continue migrating customers to digital self-service for simple interactions , thereby freeing up front line bankers to handle moments of truth .” This should remind one of a core truth in business : a customer doesn ’ t owe any business their loyalty ; it is the natural reward of empathetic service , quality products , and superior benefits to competitors .