Banking Transformed with Jim Marous

Rebuilding Banking Loyalty for the Digital Age

Jul 24, 2025
Carson Kotnyek, VP and Head of Loyalty and Ecosystems at Zafin, discusses the vital evolution of banking loyalty in the digital age. He emphasizes how customers now demand personalized experiences rather than just traditional rewards. Kotnyek highlights the challenges traditional banks face with outdated systems while showcasing the need for integration of technology and real-time engagement. He also touches on the importance of understanding customer lifestyles and using personalized strategies to transform banking customers into passionate advocates.
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INSIGHT

Loyalty's Evolution in Banking

  • Loyalty in banking has stagnated as many still equate loyalty with credit card points.
  • Other industries have leapfrogged loyalty with personalization and whole customer recognition driving retention.
ADVICE

Design Holistic Loyalty Programs

  • Build loyalty programs around the whole customer relationship, not just card transactions.
  • Reward behaviors like fraud prevention and savings goals to create win-win outcomes.
INSIGHT

Track and Act on Fund Flows

  • Customers often have multiple banking relationships and move funds based on incentives.
  • Recognizing flow of funds and reacting quickly can help banks retain customers effectively.
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