In our latest Kobie Quarterly Review: Financial Services Edition, we take a good look at how the financial services sector is faring when it comes to loyalty marketing.
Kobie President Michael Hemsey challenges financial services brands to learn about their customers. Michael looks at the evolving importance of Big Data and its accumulation beyond traditional loyalty metrics, noting that “financial services, like other verticals, are learning to cater holistically to customers.”
What kind of questions should they be asking? Here are three that Michael poses:
- What can a brand learn about program members outside of how they shop, what they buy and how they interact with their financial institution?
- How does their lifestyle impact their loyalty experience?
- How can financial services companies embrace Customer Lifetime Value (CLV) to drive loyalty?
Other highlights include:
Financial Services Loyalty Programs in Perspective: The Path toward Engagement Success. Chief Information Officer Don Hughes discusses the challenges and opportunities for financial services loyalty. “FI programs face audit and compliance challenges that other verticals don’t. They spend more on these due to frequently changing standards as regulations become more rigorous over time. FI’s must also be aware of how much data they can pull from other sources and use those insights to inform their customers.”
Mobile Banking and the Future of Loyalty: A Look into the Next Generation.
“From a utility perspective, banks are coming out with capabilities such as mobile bill pay, mobile POS enablement and the ability for consumers to check in to their bank, much like they already do at a restaurant,” says Michael Hemsey. Doing so helps banks review customer transaction data and in turn tailor rewards or incentives for continued bank loyalty. Real-time is key and I think banks and most apps are moving in that direction. Banks must also be more sophisticated in how their loyalty and incentive programs integrate the overall experience. Today they can be very disconnected.”
We hope our Quarterly Review broadens your appreciation for what loyalty programs are all about – a way for brands and customers to truly develop genuine relationships – relationships that can grow as robust as the most revered financial institutions.
You can read the Kobie Quarterly Review: Financial Services Edition here or download it and share it freely with your colleagues. If you have any questions or would like to be interviewed for one of our industry reports, please send us an email to info@kobie.com.
