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The state of consumer spending: Implications for financial institutions

Hero Digital

Consumer behavior and spending habits have changed significantly since the start of the pandemic — because of circumstance, necessity, or by choice. As states lift stay-at-home orders and businesses begin to re-open, the big question is: will consumer spending follow? Some key insights from the latest findings….

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Building a Better Loyalty Program (and the Reward for Getting It Right)

BlueOcean

Salesforce research says consumers like us belong to 4.3 loyalty programs on average. If, for example, you’re a member of Nordstrom’s loyalty program, Nordy Club, you’re among a group of customers who are likely to spend three to five times more than non-members, and are consequently driving two-thirds of Nordstrom’s sales.

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Creating Brand Loyalty in the Airline Industry

QuestionPro Audience

qSample conducted a study with its general consumer panel to understand travelers’ spending habits. The survey was deployed to more than 400 respondents and showed travelers’ spending habits during flights and in airports. Several credit card companies offer travel rewards, which are designated for airline tickets and baggage fees.

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Retail reward programs no guarantee of customer loyalty

Service Untitled

Loyalty programs started as far back as 1896, when stores would give out “green stamps&# that could eventually be redeemed for household products. Each book would be completed when 1200 point stamps were collected, and the popular catalog with all the great reward choices became a family’s favorite pastime.

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Delighting for Dollars… How Improving CX Increases Loyalty for Leading Retailers

Interactions

Our IVA can help shoppers find stores; discover promotions; check rewards programs; find out where orders are and how to make exchanges and process returns; set up automatic payments and process payments and even provide stress-free tech support. Having access to all these options, customers can even take care of themselves.

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Customer Retention Strategies for Banks: Customer Experience is Key

ReviewTrackers

A few more statistics reveal how customer experience — more so than digital strengths, rewards program, or coverage options — could be the key for banks that prioritize customer retention. 80 percent of consumers would switch financial institutions for a better experience. Send Out Customer Satisfaction Surveys.

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Consumer banking: money can’t buy loyalty

Currency Alliance

Many consumers now ‘multibank’[iii], keeping their traditional provider on-hand for the same reasons they always did, but branching out in search of enhanced value. In 2000, UK consumer bank Halifax launched a fairly successful marketing slogan: the people that give you extra [iv]. Actually, they do. Extra what?

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