By Zac Eller, GM, Global Partnerships at ExpressVPN
The role of banks in society is undergoing a quiet revolution.
Once defined by interest rates and overdraft charges, financial institutions now find themselves in a position where their general customers’ expectations are rapidly evolving.
If they want to stand out, traditional services alone no longer suffice. While some high-street banks implement jukeboxes and coffee shops, online services are also looking beyond core offerings, reimagining their value proposition in a world shaped by tech-savvy consumers, hyper-personalization, and instant gratification.
Just look at Lloyds Bank. It recently became the first UK bank to introduce in-app travel booking—a move that signals a deliberate shift into lifestyle-oriented services. This isn’t a gimmick. It’s a recognition that consumers want more than just a place to store money; they want platforms that enhance their lives, savings, and spending. In addition to core financial products, they seek experiences and services that integrate seamlessly into their daily lives, fostering true loyalty rather than merely transactional relationships.
Customer loyalty is earned through value, not just interest
With neobanks, fintech apps and embedded finance players crowding the field, customer loyalty has become increasingly fluid. Consumers are more willing than ever to switch banks or maintain multiple accounts. To keep them engaged, banks must offer tangible everyday perks—ones that matter to customers’ lifestyles, not just their wallets.
Take the current HSBC Premier scheme. It offers global travel support, concierge services, and wealth management through a tiered system that aligns with lifestyle progression. While currently only available to their highest-value customers, benefit schemes like this are becoming more widely accessible across the banking sector for all customer tiers.
As these innovations continue, this may involve integrating in-app streaming discounts, travel perks, or digital fitness memberships. These services might seem unrelated to banking at first glance, but they strengthen the bank’s role in consumers’ lives. The result is deeper engagement, stickier customer relationships, and more opportunities for value-added cross-selling.
From financial institutions to digital life platforms
The future of banking is one where the app serves as the hub, not just for finance, but also for convenience, security, and lifestyle enhancement. Much like how smartphones have evolved from communication devices to personal command centres, banks must undergo a similar transformation.
Trust is at the heart of banking, and by offering services such as digital privacy protection, credit reports, cybersecurity tools, and smart budgeting functions, banks can become indispensable to their consumers. These move beyond just “perks.” They become critical in an age where digital safety, productivity and efficiency are increasingly interlinked.
Reimagining the bank-customer relationship
To succeed, banks must ask themselves a fundamental question: Are we merely a utility, or are we a partner in our customers’ lives? The latter requires more innovation, more ambition, and, most importantly, a willingness to collaborate—whether with tech providers, app developers, or privacy experts.
Ultimately, it’s about delivering value in ways customers don’t currently expect from a bank, but which they will quickly come to depend on. By embracing the digital lifestyle shift and going beyond core services, banks and financial service providers can meet their customers where the future is headed—earning their long-term loyalty in the process.
