New Study Finds that While 68% of Consumers Lack Loyalty to Fintech Brands, Rewards and Incentives Could Change the Tide
BRIGHTON, England and AUSTIN, Texas, April 3, 2024 /PRNewswire-PRWeb/ -- Tillo, the market-leading embedded rewards and incentives platform, today released its "Bridging the Loyalty Gap: Consumer Insights for Fintech Engagement and Growth" study, unveiling that 68% of consumers feel no loyalty to fintech companies at this time. The report, which includes insights from over 4,000 US and UK consumers, sheds light on the critical role that incentives and rewards play in shaping and growing customer retention and loyalty within the industry.
- Notably, 26% of respondents expressed distrust towards fintech services, with the most significant trust deficit in the cryptocurrency sector.
- Fintech was the least popular loyalty category among industries with loyalty programs, which also included grocery, hospitality, beauty & retail, and travel & leisure.
- Developing customer loyalty is crucial, and sign-up incentives, activation rewards, and loyalty rewards are important factors that encourage consumers to engage with fintech companies.
- Tillo's research survey demonstrates that well-crafted rewards and incentives are not just add-ons but essential tools for boosting engagement and loyalty at every stage of the customer lifecycle.