Try GOLD - Free
How Financial Institutions Can Build Customer Loyalty
Asian Banking & Finance
|Issue 113
It's no longer just about giving perks, but about offering experiences.
-
Expectations from customer loyalty rewards are seeing a massive shift today: customers are no longer satisfied with just receiving cashbacks or coupons, they want an emotional experience.
"We are seeing a real change in what the younger generations expect from brands today. It is moving away from the tangible rewards (for example, points or cashback), which is what we previously associate loyalty with, to more emotional, experiential benefits (for instance, travel experiences)," James Ellis, Vice President, Business Development, Asia Pacific, Collinson, told attendees of the Asian Banking & Finance Manila Forum held at Shangri-La The Fort.
"This is also aligned to their social media use where they share their life moments and or experiences through channels such as TikTok and Instagram," Ellis said.
Customer engagement
Ellis joined a panel of top industry analysts and Philippine bankers to talk about how financial institutions can deliver the best customer experience today. The consensus: a swift, measurable engagement across all services.
This story is from the Issue 113 edition of Asian Banking & Finance.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 9,500+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Asian Banking & Finance
Asian Banking & Finance
OCBC triples quantum tech workforce to enhance cybersecurity measures
The Singapore bank expects significant tech advancements in the next five to 10 years.
2 mins
Issue 117
Asian Banking & Finance
NETS adds inventory features to payment terminals for Singapore retailers
It is using data from its payment system to help businesses improve operations.
3 mins
Issue 117
Asian Banking & Finance
Japanese banks seek M&A deals overseas
Japan's biggest banks pursued mergers and acquisitions (M&A) of local and foreign fintech firms in the second half of 2024 in search of better revenue, as the yen sank to a 34-year low amidst relaxed regulations.
2 mins
Issue 117
Asian Banking & Finance
BTN Prioritas wins prestigious international award - Retail Banking Awards
It was awarded the Customer Experience Initiative of the Year - Indonesia for PLUS by BTN Prioritas.
3 mins
Issue 117
Asian Banking & Finance
Singapore's top central banker touts potential of asset tokenisation
The tech must be regulated, which can be a challenge.
2 mins
Issue 117
Asian Banking & Finance
BTN Wins Award at ABF Wholesale Banking Awards 2024
PT Bank Tabungan Negara (Persero) Tbk (BTN) won an award at the Asian Banking & Finance (ABF) Wholesale Banking Awards 2024 on Thursday, July 4, 2024.
2 mins
Issue 117
Asian Banking & Finance
The way forward-GXBank leads the charge in transforming the local banking scene
Whilst digital banking in Malaysia is still in its infancy, there is no doubt that it can act t as a bridge to offer services or lack thereof-to those who are financially underserved.
2 mins
Issue 117
Asian Banking & Finance
Unlocking global expansion with Payoneer's seamless and reliable payments solutions
Payoneer empowers small and medium-sized businesses (SMBS) worldwide, simplifies global commerce, and enables entrepreneurs to grow with confidence and ease through its cross-border payment solutions.
2 mins
Issue 117
Asian Banking & Finance
Can Asian banks weather the profit squeeze in 2025?
Banking profits are expected to remain under pressure in many Asian markets in 2025, with lenders likely to post Bunder pressure either modest improvements or manageable declines, according to analysts.
3 mins
Issue 117
Asian Banking & Finance
China's payment system gets boost from renminbi rise
Cross-border renminbi use for trade in services grew 22.3% YoY to $165b.
2 mins
Issue 117
Translate
Change font size