Only a third of consumers are satisfied with their banks’ loyalty rewards
The most popular reward among respondents was cashback.
Image source: Nigel Verdon / Railsbank.
It’s a well-known fact that banks don’t exactly have a stellar customer satisfaction track record, and new research from Railsbank has shed light on how customers feel.
By surveying over 2,000 consumers, Railsbank found that only 35% of consumers are satisfied with the loyalty rewards their bank offers them.
More than half (59%) of those surveyed said they liked receiving something in return for their loyalty and 49% liked seeing rewards help their money go further and 37% said they were more likely to spend more. money with a brand that offers rewards.
“Where legacy finance might be concerned, brands should see opportunities. Interest and cash back have lost their appeal with consumers, ”said Nigel Verdon, CEO and co-founder of Railsbank.
“What worked well in the past will not guarantee future success. Forward-thinking brands are already integrating financial experiences into their customer journeys, delivering better rewards and experiences that young people appreciate. “
Cashback was the most popular reward among respondents, but for 18-24 year olds the discount codes outperformed cashback, free shipping, and redeemable points by 27% to 19, 15, and 11% respectively.
The survey also looked at consumer credit card habits.
More than half (56%) of 18-24 year olds would sign up for a credit card from their favorite brand, 55% from their favorite group, and 42% would get a credit card from their favorite sports team.
Consumers also want their credit cards to reflect their own beliefs, with 52% of 18-24 year olds wanting a credit card that supports sustainability and 48% wanting a credit card to donate to charity with every purchase.