Loyalty will not be won through incentives that encourage customers to keep all their transactions in one place but by consistently delivering value and efficiency, regardless of the medium or channel.
The battle for primacy
The dispute for primacy is a hot topic in the financial market and other sectors. In essence, it refers to the customer’s primary choice when it comes to transactions, financial products, or even shopping habits.
For decades, the financial sector has encouraged users to centralize their transactions in a single institution. This was reinforced by loyalty programs, exclusive benefits, and bundled services designed to make customers believe that concentrating everything in one place would be more advantageous.
However, consumer behavior has evolved significantly. With Open Finance, users can now seamlessly access multiple financial institutions, selecting the best solutions for each specific need. Instead of forcing loyalty through exclusivity, companies must now earn the customer’s choice every day.
The fall of exclusivity and the rise of intelligence
With the rise of digital ecosystems, exclusivity is no longer a reality. The real key to success is intelligence—that is, understanding customer needs, predicting behaviors, and offering the best possible experience at the right moment.
Instead of merely retaining customers within a closed ecosystem, companies must embrace a new paradigm: delivering continuous value that makes users choose them as their primary option, not because they have to, but because they want to.
In this context, financial institutions, fintechs, and digital platforms must work on:
✔ Personalized financial guidance based on real data and customer behavior
✔ Seamless and frictionless user experience, making financial services more intuitive
✔ Integration across multiple providers, offering a true Open Finance experience
Who will truly win the battle for primacy?
Companies that insist on limiting consumer choice will struggle. Those who recognize that primacy is achieved by delivering constant value, rather than exclusivity, will thrive.
Loyalty will no longer be about where a customer does their transactions but rather how well their needs are met. The true competitive advantage lies in being the most intelligent, efficient, and user-friendly financial service provider—not necessarily the most exclusive one.
📌 Article originally published in Época Negócios.