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Incentivising decisions has been a key driver in many consumer purchases for years. Reward and loyalty incentives are now commonplace across a whole range of industries, however, when it comes to banking, incentivising customers for their loyalty or for taking on a new product is still surprisingly rare.
Traditionally, high street banks have been the only option when it comes to current accounts and financial service products. However, the rise in alternative banking solutions, since the onset of open banking and the rise of online banking providers, means that there has never been a more important time to stand out from the crowd when it comes to rewarding consumers as they consider who to trust with their finances.
Mintel reports that millennials are more open to alternative banking products, with 17% likely to try new options as soon as possible - significantly higher than any other group. It is this that provides high street banks with a huge opportunity. The millennial generation are now well established on their financial pathway; they have left education behind and are likely to be on a journey to increasing financial stability as their careers develop. However, this is also the point at which they are likely to be looking to increase their financial services portfolio: credit cards, mortgages and varying insurance products are starting to make their way to the forefront of their requirements.
With this in mind, how can high street banks look to incentivise a generation that is used to receiving loyalty points and making incentive-based decisions on everything from their weekly shop to car purchases?
Currently, 74% of consumers use a standard current account that does not offer any reward or additional benefit whatsoever, however the popularity of reward accounts is rising, with 17% of current account holders now paying for their accounts, up 3% from 2017. According to Mintel, only 20% of current account holders are completely satisfied with their bank’s offering. Historically people do not switch their main bank account - 70% of people have not switched their accounts in the last five years – but with only 20% satisfied with their bank and a plethora of new and exciting options becoming available it becomes obvious that a switching epidemic is just around the corner.
Hawk Incentives can help you to offer a range of exciting reward and incentive based options to both new and existing customers. Why not use one of our multi-retailer prepaid cards to provide new mortgage customers with a £500 ‘gift’ towards goods for their new home. Rewards for account switching are now commonplace, however rather than offering an upfront incentive, why not offer new customers a monthly reward with our reloadable prepaid cards or our branded Select codes, where you can deliver a little extra to a customer every month as a thank you for their continued custom?
Click here to find out the range of options available.