Customers aren't inherently loyal. According to Kognitiv's Global Loyalty Insights, only 34% of customers use the same card for all their purchases, meaning most financial institutions (FIs) are missing out on revenue from each customer. With increased banking options, a global pandemic, and inflation, financial institutions are looking to amplify their efforts to increase share of wallet and gain customer loyalty.
This report provides key insights on:
Only 34% of customers use the same card for all their purchases. This means that the majority of financial institutions are missing out on revenue from each customer due to lack of exclusive card usage.
Financial institutions face multiple challenges impacting customer loyalty:
Financial institutions are focusing on:
Kognitiv Corporation provides AI/ML-powered solutions for customer loyalty and engagement, including:
Kognitiv Pulse: AI/ML-powered insights and activation to maximize customer lifetime value. Understand your customers and get intelligent recommendations that are easy to action.
Kognitiv Inspire: Quick-to-deploy, scalable loyalty system with 200+ connectors for easy omni-channel activation. A loyalty platform that binds brands and their customers more tightly together.
Kognitiv Ignite: AI-native data activation for 1:1 personalization at scale across owned channels.
Kognitiv Amplify: Outcome-based AI/ML optimization for paid display, video, social and programmatic. Your AI autopilot for paid media.
Kognitiv Marketplaces: Diverse partner benefits that give your customers more choice and experiences they love.
Kognitiv provides services to help organizations reach their goals sooner with less stress.
Kognitiv offers additional loyalty insights and guides:
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LinkedIn: Kognitiv Corporation
Access the complete Financial Institutions Global Loyalty Insights 2023 report to learn detailed findings on customer banking preferences, credit card retention factors, and valued loyalty program benefits.