How Financial Institutions Can Build Customer Loyalty

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.