The future of customer loyalty in banking has been saved
Podcast
The future of customer loyalty in banking
How customers vote with their wallets
New generations are shaping the future of loyalty programs. Explore the evolving landscape of customer loyalty in banking, including the importance of mutually beneficial relationships between personalized loyalty programs and strategic partnerships.
LISTEN AND SUBSCRIBE TO BRANCHING OUT NOW
The future of customer loyalty in banking
In this episode of Branching Out, host Bill Dworsky and guests Ramya Murali, Principal within Monitor Deloitte, and Deirdre O’Connell, Senior Manager for Deloitte’s Customer Strategy & Applied Design, explore customer loyalty in retail banking. Ramya defines loyalty as a mutually beneficial relationship, while Deirdre emphasizes the value of formal programs ("big L" loyalty) and broader engagement ("little L" loyalty).
Plus, new insights from a consumer loyalty survey highlight the importance of exclusive partner experiences and Gen Z's preferences, and how new generations are shaping the future of loyalty programs. The discussion underscores the need for agile, personalized loyalty programs and the role of partnerships in extending brand relationships, as well as how effective execution requires cross-functional alignment and clear communication of value. However, businesses are still navigating the complexities of executing loyalty programs, which often require cross-functional alignment and the role of employees as brand ambassadors.
The recent consumer loyalty survey highlights the growing importance of exclusive partner experiences and the distinct preferences of Gen Z, which are shaping the future of loyalty programs.
—Deirdre O'Connell
Senior Manager for Deloitte’s Customer Strategy & Applied Design
Successful loyalty programs require an agile mindset, constant innovation, and personalization, integrating loyalty features into regular customer experiences to create clear value exchanges.
—Ramya Murali
Principal within Monitor Deloitte
About Branching Out
Our retail banking podcast series, Branching Out, explores trends in retail banking through conversations with leaders from across the financial ecosystem. Co-hosts Kristin Korzekwa and Bill Dworsky talk with top industry leaders to explore the topics that are top of mind in retail banking. To learn more, visit our full collection of episodes and subscribe now wherever you listen to podcasts.
For more insights like this, visit my.deloitte.com to create your own personalized feed and enroll in newsletter updates. Once you're signed in and set up, you’ll have access to a robust content library of news, industry-specific takeaways, and topics of interest that will help you stay one step ahead.
Keep in touch
Kristin Korzekwa
Consulting Managing Director | Deloitte Consulting LLP
Recommendations
2024 retail industry outlook
Looking for loyalty in all the right places
The future of the consumer industry: Buying into better
Learn more about the trends shaping the future of the consumer industry and how companies can help create a better tomorrow.
