Banks missing out on membership packages

Research from a firm that specialises in incremental revenue products suggests that half of all consumers are interested in annual membership packages that provide insurance, travel and lifestyle benefits, if buying a package cost significantly less than purchasing the benefits individually.

However, 73% of those questioned said they were not currently being offered any such deal.

According to researcher, Collinson Latitude, banks in particular could benefit from the potential customer loyalty that can be generated by such schemes.

Recent surveys suggest that only 16% of customers actually feel a sense of loyalty to their bank while 63% would consider swapping their primary bank.

Annual membership packages could therefore be an effective way of increasing consumer involvement while at the same gaining the data and insights that can help build better customer relationship.

The firm’s business development director, Janet Titterton, sums up: “It appears businesses are missing a real opportunity to engage with their customers through the provision of membership products that are relevant.”

To back its claims, Collinson Latitude has launched a microsite, inviting businesses to discover how membership packages can work for their brand.

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