With the adoption of unconventional banking methods (such as Apple Pay and PayPal), financial institutions are seeking new ways to improve their bottom line. Loyalty programs are emerging as an attractive option, with research demonstrating most customers only align 46% of their deposit share with one FI brand and 70% of banks believe new customer acquisition is more expensive than retaining existing customers.
Banks are shifting attention to their “most valuable” customers—a high-net-worth,....