Member loyalty isn’t what it used to be.
Once upon a time, loyalty was the product of proximity, or due to a family or friend recommendation. But loyalty has changed. It’s gone from loyalty to a provider, to loyalty to an experience.
Gaining and retaining member loyalty
The drivers of member loyalty in banking are shifting. In the past, loyalty was a matter of location or referral. Members chose financial institutions that were close by or asked friends and family for their opinion on where to bank.
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