Banks are getting loyalty wrong. As banking relationships become increasingly fragmented and spread across cards, fintech apps, and investment platforms, financial institutions risk fading into the background of their customers’ financial lives.
In the latest episode of Banking Transformed by The Financial Brand, host Jim Marous speaks with Carson Kotnyek, VP and Head of Loyalty and Ecosystems at Zafin, about what it takes to redefine loyalty in today’s landscape. Carson introduces the concept of whole customer loyalty, a model that rewards the full banking relationship rather than just credit card spend.
By recognizing behaviors like saving, bundling, digital security, and cross-product engagement, banks can drive deeper retention, increase stickiness, and grow customer lifetime value. Carson also shares how Zafin supports this transformation by embedding loyalty into the banking tech stack. This includes enabling real-time personalization, universal loyalty currencies, tiered rewards, and ecosystem partnerships.
Get answers to key questions on loyalty
- Why “whole customer loyalty” is replacing “earn and burn”
- How to reward behaviors that reduce fraud, increase deposits, and deepen relationships
- The role of ecosystems and real-time engagement in modern loyalty strategies
- Why loyalty is no longer a bolt-on — it’s a growth engine embedded in the core
