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Home > Finance > Building customer loyalty in financial services

Building customer loyalty in financial services

Published by Gbaf News

Posted on April 3, 2020

4 min read

Last updated: January 21, 2026

Illustration of customer loyalty strategies in financial services - Global Banking & Finance Review — An infographic depicting key strategies for building customer loyalty in financial services, highlighting fintech innovations and data utilization. Essential for understanding modern banking trends.

By Chris Vinnicombe, VP of Financial Services at Acxiom

The emergence of neo banks has proved challenging for established financial institutions. There are many financial services technology advancements that have been accomplished over the years with thousands of technology patents as evidence. But what they lack is the “startup-driven innovation” of fintechs. Compelling and convenient ways to manage money are tempting many people to switch to newer banking brands. These upstarts are leveraging data in new ways to make using financial services more useful, whether it’s better mobile apps, tools like budgeting and sorting, spending notifications or cutting out things like transaction fees.

There’s no denying that legacy banks have always leveraged data. When lending and storing money, a good grasp on customer, business and market information is critical. The movement toward open banking and open APIs is only increasing the speed of change as fintechs’ business models and technologies allow them to align with new opportunities very quickly. This has resulted in the emergence of digital-first companies such as Monzo and Tide. Often described as ‘digital natives’, they’re used to doubling down on the data assets they have available. With this tactic, they’ve been able to get much closer to their customers. Data has become the name of the game in so many industries, but it’s been especially disruptive in finance.

Convenience is compelling

Chris Vinnicombe

Chris Vinnicombe

Banks that want to compete with these fintechs are going to have to utilise data to create valuable experiences for consumers. Acxiom’s own research bears this out. Its survey shows that 89% of senior executives believe that data is a key investment area, and 92% recognised that those companies who take best advantage of data will be the ones that win in the marketplace with consumers.

Convenience and ease of use have been key drivers of fintech growth. In today’s mobile world, consumers are used to ordering almost anything from their phones. As a result, customers have also come to expect this level of accessibility and simplicity from their bank. Using data to zero in on the customer experience enables tangible benefits for customers across channels, including more choice, better services and lower prices. This deeper understanding of customers has driven the creation of specialised products and services that align with the way customers want banking to function in their day-to-day lives. The new customer experience is more personal, instant, relevant, and seamless.

However, when it comes to finance, there needs to be a balance. Interactions need to be compliant, safe and secure but also simple as consumers don’t want to remember multiple passwords and credentials. Legislation is already opening up opportunities for data, with initiatives like open banking, and restricting its specific applications at the same time, through regulations such as GDPR.

Differentiate with data

Financial services companies who want to join the dots and differentiate themselves with data should start by connecting all the data at their disposal. Many companies are still battling with silos of data, across online and offline and anonymous and known. Maximising the potential of this data requires bringing together these different locations, to get a true single customer view.

Only once everything is connected do the gaps become clear. Companies can identify where their data is strong, or where it could be supplemented with other sources. For example, third-party data such as geo-demographics could help businesses to understand the drivers of transactional information and help map the customer journey.

Joining the dots in this way can help improve the predictions around what customers might be interested in and in so doing build the convenience and personalisation that differentiate. Ultimately, insights don’t mean anything without action, and by harnessing this customer data, financial services companies can start to build the customer loyalty they’ll need to stay ahead.