Arrivia’s SVP of Strategic Business Development, Pat Young, attended the Card Forum virtual summit hosted by American Banker in September, an annual gathering of finance professionals that explores the latest topics, trends and innovations affecting global financial services brands. Pat’s biggest takeaway from the event – and a common theme among many of the panels – is that financial services brands need responsive and relevant service offerings to keep their customers engaged.
At arrivia, we believe full-service travel rewards and booking options are exactly the kind of service offerings that will resonate.
The movement away from long-term loyalty to one financial institution for all of one’s banking needs ended with the advent of online banking. Consumers are looking for financial services brands to take on more of a marketplace approach to the services and products offered. This demand opens many opportunities to financial institutions to expand their product mix, as well as the rewards and loyalty benefits they offer to customers.
Customers are seeking out online banking and fintech solutions like Chime because they offer flexibility and customization of services to meet their banking needs in the rapidly growing gig economy. These customers don’t have routine deposit and withdrawal schedules; instead, they want product and services recommendations that meet their needs based upon responsive observation of their online banking habits. Imagine if Netflix offered banking services – the customer might see their personal financial dashboard “stocked” with professional services, travel rewards and other banking products that are tailored to their needs and interests.
From what we gathered from the Card Forum, financial institutions are eager to embrace this trend and become more of a “hub” to their customers. Providing the range of travel benefits and booking options their customers expect – including the ability to book cruises and take advantage of exclusive pricing – is a good first step to building a true marketplace of relevant offerings.
To meet those needs and interests of consumers, it’s important for financial services companies to remain nimble and responsive with more highly-tailored choices in their products and services marketplaces. Contact arrivia to learn how we can help your company offer more of the travel rewards that your customers expect from their financial hubs.