Technological developments have made [FinTech] companies competitive. This competition has created an environment of innovation, advanced and developed by digitization and virtual reality. The digital wallet is one of the emerging yet established digitized and technological developments, created to make banking, consumerism, and retail more effortless, more interconnected, and more instantaneous.
Furthermore, as the digital wallet continues to grow in accessibility and influence, it has initiated an increasingly competitive yet ruthless environment. This subsequent competition requires militaristic battleground strategies for growth and survival.
Emerging out of this combative situation is the established tradition of loyalty. As a weapon, loyalty’s simplicity is often misunderstood, as it lacks the dynamism and theatre of technological jargon. However, loyalty is emerging as a constant variable, essential to the expansion and survival of the digital wallet.
Customer Loyalty Defined
Customer loyalty describes an ongoing emotional relationship between the provider and the customer, manifesting in a client’s willingness to engage with and continue to purchase from the provider versus their competitors. Loyalty is the resultant by-product of the customers’ [positive] experience with the provider. The resulting loyalty fosters a working relationship based on experience, satisfaction, and trust, all intangible issues that are intrinsic to growth and survival.
The results of customer loyalty are they remain steadfast in commitment to the company. Customers are not influenced easily by availability or cost; instead, they are willing to overlook these issues because of their shared, satisfying history between the provider and themselves. Moreover, if problems do arise, they are more understanding when they occur because of their established relationship and positive experiences. Furthermore, as in any connection, constant attention is required to nurture and grow it, incentivizing its retention and ensuring loyalty.
For example, Youtap has established a more comprehensive range of customer retention loyalty schemes within its business core, integrating loyalty customers’ platforms into their customers’ individualized infrastructures and networks. However, like any other business, Youtap continues developing platforms and software that encourage customer loyalty, turning ‘customers’ into loyal customers with customized rewards programs that offer various incentives across devices and loyalty types.
Moving Forward with Loyalty
To maintain relevance and a market edge, digital wallet providers must foster and incentivize their client’s commitment and fidelity to their products. This singular step forward ensures customer loyalty. The other action (s) is to encourage the relationship and build on them individually, treat them individually, with respect, and cultivate them, nurturing the growth and potential each client brings to the business. The subsequent clients’ happiness is reflected in their dialogue. They share their positive experiences with friends and family, who organically shift towards you, the provider. Their singular satisfaction and trust in you and your digital wallet foment change and fosters relationship-building one algorithm at a time.