May 19 ,2017 | by Claire Payne

UK financial services customers want improved loyalty programmes, research shows

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Research from Collinson Group has revealed what UK financial services customers are looking for when it comes to loyalty programmes. 

The research, which surveyed 2,250 consumers across the US, UK, Singapore and the UAE, found that 38 per cent of banking and financial customers in the UK feel as though they are rewarded for their custom. 

Improved 

The research revealed the ways in which banking and financial services customers believe that loyalty programmes could be improved, with 37 per cent of UK respondents citing being able to combine points with cash as the top reward and having access to a selection of larger rewards. 

This was followed by being provided with a simpler user experience at 33 per cent, indicating that customers believe that usability and accessibility of rewards are the most important when it comes to financial services loyalty programmes. 

Customers in the US, however, were found to be more concerned with having a simpler user experience than access to a selection of larger rewards, with these being cited by 46 per cent and 43 per cent respectively. 

Key 

The research stated that “providing a wide choice of rewards by creating frictionless loyalty is key to driving engagement within financial services programs” and that “consumers place great importance on the enhanced redemption experience, desiring the accessibility of being able to redeem in retail outlets and leisure stores, as well as through an e-commerce platform.” 

Collinson Group Director Lars Holmquist commented: “Traditional financial services models continue to evolve, with a focus on improved digital services and experiences, but a key area brands need to consider is how they recognize and reward existing customers.”

Claire Payne is a journalism graduate and News Writer for LSBF. She writes about SMEs, education and careers, entrepreneurship, women in business, and sustainability.

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