06 News
By necessity, the travel + hospitality marketing team at Criterion Global are WTM-veterans
1 OCTOBER, 2016 | HOSPITALITY | 
276
The concept of loyalty is shifting, driven in part by the relentless, data-driven approaches of the Tech Titans. For banking, this means moving from a transactional, rewards-based concept of loyalty to something far deeper, and more personal – and, for the first time, pleasurable. This will require financial institutions to embrace data sharing via APIs, data augmentation and an entirely new way of valuing and acting upon what that data reveals.
What does loyalty really mean? For the banking industry, it has too often been code for inertia because when it comes down to it, most banks and credit unions are offering bland cookie-cutter products.
However, the advent of Open Banking will result in increasingly searching questions being asked of all financial services players. Opening up the data held inside banks will sharpen competition to the benefit of those customers by forcing the pace of innovation in response to the disruption being brought by tech-first players.
The reason? Customers don’t value loyalty programs that pay no mind to their attitudes, behaviors and expectations. Beyond acquisition, the consumer feels as if they are of little interest after starting the relationship. The consumer is waking up to this new reality.
This is the start of something far more than a battle for share of wallet or even share of mind – it is becoming the battle for the share of heart and life.
276
The concept of loyalty is shifting, driven in part by the relentless, data-driven approaches of the Tech Titans. For banking, this means moving from a transactional, rewards-based concept of loyalty to something far deeper, and more personal – and, for the first time, pleasurable. This will require financial institutions to embrace data sharing via APIs, data augmentation and an entirely new way of valuing and acting upon what that data reveals.
What does loyalty really mean? For the banking industry, it has too often been code for inertia because when it comes down to it, most banks and credit unions are offering bland cookie-cutter products.
However, the advent of Open Banking will result in increasingly searching questions being asked of all financial services players. Opening up the data held inside banks will sharpen competition to the benefit of those customers by forcing the pace of innovation in response to the disruption being brought by tech-first players.
The reason? Customers don’t value loyalty programs that pay no mind to their attitudes, behaviors and expectations. Beyond acquisition, the consumer feels as if they are of little interest after starting the relationship. The consumer is waking up to this new reality.This is the start of something far more than a battle for share of wallet or even share of mind – it is becoming the battle for the share of heart and life.
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