The future of loyalty in banking: How customers vote with their wallets

In this episode of Branching Out, host Bill Dworsky and guests Ramya Murali and Deirdre O’Connell explore retail banking customer loyalty. Ramya defines loyalty as a mutually beneficial relationship, while Deirdre emphasizes formal programs ("big L" loyalty) and broader engagement ("little L" loyalty). Insights from a consumer loyalty survey highlight the importance of exclusive partner experiences and Gen Z's preferences, and how this generation is shaping the future of loyalty programs. The discussion underscores the need for agile, personalized loyalty programs and the role of partnerships in extending brand relationships. Effective execution requires cross-functional alignment and clear communication of value. The conversation also addresses the complexity of executing loyalty programs, requiring cross-functional alignment and the role of employees as brand ambassadors.