3 Ways BNPL can boost customer loyalty for banks
BNPL has redefined customer expectations, with more consumers expecting the flexibility to split purchases into instalments. By offering BNPL through their own products and channels, banks can meet this demand, strengthen customer relationships, and prevent engagement from shifting to third-party providers.
Here are three ways BNPL can help strengthen customer loyalty:
- Keep repayment journeys in-bank
Third-party BNPL providers often own the repayment experience. By letting customers convert eligible purchases into instalments through their own app, online banking or other channels, banks can keep repayment conversations, servicing and support within the relationship
- Increase card and account stickiness
BNPL can make a bank’s existing products feel more useful and flexible. If customers can split eligible purchases through their bank card or account, they have more reason to keep using those products instead of turning to external providers
- Build richer customer insight
When BNPL journeys happen in-bank, banks gain a clearer view of how customers use credit, manage repayments and respond to flexible payment options. That insight can help them offer other relevant products - cross-selling, upselling and driving revenue
BNPL is not just a new credit feature. It is a way to protect customer relationships, stay relevant in a changing payments landscape and make sure flexibility is delivered by the institution customers already trust.