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Building Bank Loyalty: A Path Forward

Banks play a pivotal role in many major milestones in a customer’s journey—first jobs, saving for big goals, taking charge of their future—but how do you move from being a transactional partner to building a true relationship, grounded in loyalty? That’s the goal for many financial institutions. Here at Bumped, we’ve been designing a new loyalty platform that helps build deeper connections, drive the customer behaviors that matter most, and introduce a bank’s customers to the right products at key moments, in the most compelling way.

“Change is the only constant in life”– a common idiom expressed throughout all stages of one’s personal development, across diverse backgrounds and experiences. Major milestones along the way, such as education, family and career growth, oftentimes are followed by the unknown. Folks can become more prepared to handle anything that crosses their way by partnering with organizations that are equipped to illuminate the way today and down the road.

Banks are in unique positions to offer anchoring support for customers long-term, beginning early. As we explored in, Bank Loyalty: First Financial Foray, young adults typically initiate relationships with a bank by opening their first checking accounts. Chances are, if they grow to love their bank, the two develop a lifelong partnership from then on.

Students rely on their banks to help manage their finances, especially in the midst of tuition, loans and new expenses. At the same time, growing adults are developing their passions and allegiances. Exhibited in What Students are Learning About Investing, “84 percent of Gen Z plan to invest in organizations they believe in. Nearly one in three Gen Z investors (31 percent) said they would be willing to allocate 50 percent or more of their investment portfolio to socially responsible or impact investments.” All this considered, with rising student debt and minimal public education about finances, banks are poised to support new investors in achieving these goals.

As illustrated in Moving into Adulthood, Empowered and Growing Together, millennials and Gen Xers generally feel financially unprepared for the future. According to data from the U.S. Census Bureau, only 32 percent of Americans are saving for retirement with a 401(k). This leaves millions vulnerable to not having enough saved for retirement. Regardless of their individual financial decisions, the sooner that folks otherwise begin investing in the stock market, the more likely they will be able to secure a safe, healthy, and comfortable future ahead.

By introducing customers to the stock market early, banks can closely support their long-term financial aspirations and develop truly loyal relationships overtime.

By introducing customers to stock market early, banks can closely support their long-term financial aspirations and develop truly loyal relationships overtime. Bumped partners with banks to leverage this opportunity through its technology platform, which rewards consumers in fractional shares of stock with every purchase they make at the stores they love.

Imagine: your customer swipes their card to purchase coffee, and immediately after they receive a notification that they have been rewarded fractional shares from their favorite café. Not only are they rewarded for loyal spending, but they are simultaneously quelling financial anxieties by easily growing their stock portfolios– all while satisfying their caffeine fix.

When less than 50% of Americans today have any money invested in the stock market, banks have a unique opportunity to lead a secure way forward. By empowering customers with a simple way to “invest early and often,” banks can gain the hard-earned trust and enthusiasm of their customers. Partnering with customers by supporting them every step of the way can establish authentic, lifelong relationships truly grounded in loyalty.

Learn how the Bumped platform can strengthen your relationships by helping consumers prepare for the future at BumpedforBrands.com.

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Are you a financial institution or brand interested in working with Bumped to make your customers owners? Get in touch below!

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© 2021 Bumped Inc. All rights reserved. Use the following links to access Bumped Financial LLC's Privacy Policy, Terms of Use, Customer Agreement, and other Legal Disclosures.

The Bumped app and website are operated by Bumped, Inc. Brokerage services are provided by Bumped Financial LLC, member FINRA ↗/SIPC ↗. More about Bumped Financial LLC on FINRA’s FINRA BrokerCheck website ↗

Investing in securities involves risk, including possible loss of principal: Not FDIC Insured • No Bank Guarantee • May Lose Value. Past performance is not a guarantee of future results. Nothing on this site should be construed as an offer to purchase or sell securities.

Any market, economic and / or performance data shown is for hypothetical and illustrative purposes only. Data does not represent actual results.  Participation is only for investors who understand and agree to the risks inherent in their Bumped Accounts. Only qualifying purchases made according to the terms and conditions are eligible for stock rewards. Bumped does not charge brokerage fees. Bumped reserves the right to restrict or revoke any and all offers at any time.

Brands and brand logos shown are for illustrative purposes only and do not indicate specific offers from, or guarantees to participate with, any of the merchants shown. Offers and participating brands are subject to change without notice.

Investors receive shares of ETFs as rewards. Investors should consider their investment objectives, risks, carefully before investing. This and other information are found in the fund prospectus. Please read the prospectus carefully before you choose to invest.

Rewards are accrued for investment after qualifying purchases, but may be reversed if the qualifying transaction is later reversed. Bumped does not assume the risk of market movements for returned items or disqualified transactions. 

Bumped Inc., its subsidiaries, agents, and employees expressly disclaim any responsibility for and do not maintain, control, recommend, or endorse third-party sites, organizations, products, or services, and make no representation as to the completeness, suitability, or quality thereof.

A few notes on fractional shares: they’re typically not transferable between brokerage firms. If you want to transfer your Bumped account, you may have to sell your fractional shares first. Fractional shares can’t be put into certificate form or physically mailed, nor do they have voting rights.