Tuesday Topic: Recognition May Be Banking’s Next Loyalty Advantage

While banks have long used special offers to win new customers, those offers can leave long-term customers wondering whether their loyalty matters. As it becomes ever easier to switch banks, giving existing customers a reason to stay is becoming more important, this article says. Some institutions are making customer recognition more visible through personalized service and benefits tied to the overall relationship, not just a new account.

How does your bank recognize customers who have been with you for years? What reasons are you giving them to stay beyond rates and products? If one of your best customers walked into a competitor’s branch tomorrow, what would they be giving up besides their accounts?