It’s not surprising that loyalty redemptions are down. Waiting for the pandemic to pass is not the answer, especially for traditional financial institutions. Custom online storefronts can help.
Leading Financial Institutions, regardless of size, have long understood that loyalty doesn’t just happen. Rather, it’s a direct result of the emphasis the financial institution puts on loyalty in its ongoing approach to the customer. To compete, especially in the presence of nontraditional banking options, financial institutions need to find better, stronger ways to engage their customers in meaningful ways.