Financial Loyalty And The Evolving Customer Experience

The first generation to grow up with the internet is now well into their 30’s.

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The first generation to grow up with smartphones just started university. Think about that for a second. These are individuals who never knew life without the world at their fingertips. They are the innovators of online shopping, Facebook, and the selfie. And their numbers are growing, rapidly.

The landscape of Loyalty in the banking industry is changing too. Partly due to the shifts in demographics, but more importantly in how and where they interact with the customer. While the 2016 demonetization initiative had far reaching implications, one of them was the nudge in consumer spending from cash to electronic payment methods. With the increased use of debit and credit, both in acceptance from merchants and consumer participation, the opportunity exists to build a loyalty program that identifies the individual’s preferences and engages them in new and exciting ways.

The Digital Revolution has arrived

 In India and across the globe, access to digital products and services is growing at a dizzying pace. In fact, most forecasts predict that over 50 crores Indians will be joining the digital market in the next five years. That is more than the population of North America. All of it. As these new customers begin utilizing and transacting within this environment, the free flow of data and communication is allowing banks to interact more efficiently and more effectively.