Some of the tactics that are commonly used to get people to switch banks include promises of free tech devices or cash incentives. But rather than setting up these kinds of campaigns or advertisements on the streets, FNB created an incentive that would cause people to question loyalty to their current bank during a period of frustration.
FNB set up special ATM machines that were able to detect cards that didn't belong to its own customers and acknowledged them by turning other bank's slogans on their heads. People who input a Standard Bank card were greeted with a message that played on the brand's tagline about "moving forward."
To further encourage people to change banks on the spot, the ATM machines included a system for people to immediately input their contact information and connect with a FNB representative.
Loyalty-Testing ATMs
FNB's Machines Encourage Non-Customers to Switch Banks at a Critical Moment
Trend Themes
1. Loyalty-testing - Innovative ways to test customer loyalty may lead to opportunities in creating personalized marketing strategies that focus on customer retention.
2. Disruptive Incentives - Creating incentives that tap into a customer's emotional state, such as frustrations, may provide new opportunities for customer acquisition and retention.
3. Smart Atms - Integrating technology that recognizes customers from other banks can lead to opportunities in creating a more personalized banking experience for customers.
Industry Implications
1. Banking - Opportunities may exist for banks to leverage technology to incentivize non-customers to switch banks or for current customers to remain loyal.
2. Marketing - Companies that create personalized marketing campaigns using loyalty-testing strategies may have a competitive advantage over traditional marketing tactics.
3. Technology - Opportunities exist for tech companies to design and develop smart ATMs that can detect loyalty during financial transactions and offer personalized services to bank customers.