From New & Now to Whatever’s Next: How banks can win at every life stage

Imagine this – there’s a new bundle in the family & you’re keen to open their first bank account.

Next thing you know, they’ve started their first weekend job & are setting up their own savings account. Suddenly, university is an acceptance letter away & a student account is necessary.

21 comes before you can say “Savings Account” & their looking at their first home. Just as they start settling in, investment opportunities pop up & retirement is looming.

These seasoned bankers are now opening accounts for their children – starting the cycle all over again.

In a perfect world, one bank (yours) is with them at every step.

But the reality is, most banks lose customers along the way. Whether to competitors with better offerings – and marketing – or because they’re not evolving fast enough to stay relevant. In South Africa, despite some banks achieving high positive sentiment scores, more than 60% of customer service conversations about banks are negative, highlighting widespread dissatisfaction and the risk of customer attrition by failing to adopt a customer-centric approach.

In Financial Services, it’s no longer enough to simply acquire customers. The real challenge is to keep them – especially when digital-first disruptors are winning 52% of customers and switching banks has never been easier.

So, how do banks build relationships that last a lifetime? And how can TLC help? We know how to strike the balance between quick cash incentives and long-term loyalty programmes, so you’re there for every financial milestone that matters. 

Banking habits begin sooner than you may think. While conversations often start with the parents, there are plenty of opportunities to get kids curious about money early on. With 43% of Gen A and Gen Z kids now receiving their pocket money via bank transfer. Think about it: 

• Junior ISAs 
• First savings accounts 
• Everyday accounts for kids

These first money-moments can shape positive banking perceptions. It’s a chance to connect with both adults that guide the way and kids just starting their journey. Speak to both – parents looking for trust and reassurance, and children seeking fun, rewards, and bite-sized learning that makes sense. Offer rewards like fun days out, family-friendly activities or sports lessons for budding athletes. 

This is the moment that customers will be thinking about opening a student account or banking their first real wages – and it’s your opportunity to turn a transaction into a long-term relationship. Young adults will be considering:

• Student accounts 
• Current accounts with overdrafts
• Flexible saving accounts

At this age, autonomy & aspiration count, so give them something to own & something to work towards. Speak their language & offer rewards they truly want to engage with; cinema tickets, saving on streaming services, discounts on their 1^st family-free holiday.

TLC’s innovative network of over 100,000 global experiences makes this easy. We use data-led insights to match each customer to their perfect perk, personalising for their passions and life-stage at a fraction of the cost of cash-based incentives. We make the benefits feel like freedom, not fine print. 

These customers need financial flexibility. They’re balancing day-to-day spending with big ambitions – and looking for support with everything from smart budgets to major milestones like first-time home buying. This demographic needs:

• Credit cards 
• Personal loans 
• Easy access saving plans

Help them navigate the leap into career and family life with products they can count on, and marketing that understands them. If they’re starting a family, treat new parents to a spa weekend or vouchers to stock up on newborn supplies. If they’re commuting regularly, maybe a free coffee every morning to help kickstart the day. It’s the little things that have the biggest impact on loyalty. 

Top tip: This age group, alongside younger adults, are the ones most likely to switch, with 32% of Gen Z customers saying they’d be happy to change banks the next time the opportunity came up. So, now is the time to give them a reason to switch to you, as well as give young professionals you already have a reason to stay. 

By now, most customers know what they want – and they’re actively looking for it. It’s a time for consolidating finances, securing long-term goals, and exploring family-focused financial planning. They’re not just banking for today – they’re thinking about tomorrow, too. Consider things like:

• Investment accounts 
• Mortgages 
• Premium banking services

Customers in this bracket expect personalised, high-value banking experiences. Generic offers just won’t cut it. They want tailored rewards and premium services that match their lifestyle and spending power – and they’ve earned it. Keep them engaged with health and fitness experiences, dining incentives, travel perks, and more.

Here, customers are focused on protecting what they’ve built and planning for what’s next. They want confidence, clarity, and control. Offer content and services that prove their money isn’t just safe – it’s working smarter for their future. Put the focus on: 

• Retirement savings 
• Wealth management 
• Estate planning

This audience expects more than good customer service – they expect recognition. Think exclusive perks, personalised financial planning, and high-value rewards that reflect their loyalty and lifetime value. It’s no longer about winning them over, it’s ensuring they want to stay 

Tiered benefits help for this! Continue rewarding customers for staying with you, with perks that reflect long-term value. This should also extend beyond unsustainable cash incentives. Consider wellness experiences, travel discounts, free flights, and VIP treatments to show them you care. TLC’s Reward Value-Cost Paradox enables you to offer generous rewards like this, more often, without breaking the bank. 

Customer loyalty throughout each of these moments isn’t a given. With neobanks making it effortless to switch or split banking relationships, even long-standing customers are up for grabs. South African’s are fond of multi-banking - meaning just having your card in their wallet doesn’t mean they’re using it.

Every bank, whether new on the scene or legacy, should be fighting to stay top-of-wallet. This means driving frequent use, removing any friction, and giving customers real reasons to stick around. A well-timed reward, seamless digital experience and an offer that lands at just the right moment can make all the difference. 

And don’t forget the importance of good, old fashioned customer service. That should be a given, but 25% of consumers who recently switched banks did so for better customer service. Don’t forget the basics when trying to encourage consumers to stay.

But even high-quality experiences don’t mean much if they happen in isolation. Too many banks rely on one-off acquisition campaigns, flashy cash incentives, or disjointed product pushes that fail to connect the dots across a customer’s financial life, when they should be focusing on a lifecycle approach.

Every touchpoint – from acquisition to retention – should be working together to create a rewarding experience. If you’re only showing up with an incentive when they’re halfway out the door, it’s already too late. Use the wealth of data you anticipate their needs, stay relevant and mitigate reasons to switch in the first place. 

TLC can help harness the data you already have on your customers to provide personalised experiences at the right time. The more a consumer interacts with your brand, the more data you’ll have to provide more relevant experiences – something we call the Virtuous Loyalty Data Loop. This creates the type of mutually beneficial relationship that money can’t buy. 

So, how do you push beyond acquisition alone?

The goal is to build a sustainable, always-on strategy that gets account holders actively using their accounts – not just having them, but swiping, spending, and engaging regularly.

Customers aren’t just looking for a bank – they want a financial partner who’s with them through every stage of life, from opening their first stokvel or savings account, to building wealth and enjoying a comfortable retirement.

Make sure you’re with them every step of the way, ready to offer the advice and support they didn’t even know they needed.

Let’s break it down into four key areas: 

1. Retention through relevance – Make sure that every customer interaction feels tailored, meaningful, and timely. Skip blanket promotions and focus on personalised offers that reflect each customer’s lifestyle. 
2. Campaigns that breathe and grow – Build a strategy that adapts to customers as they move through life, providing them with relevant, valuable touchpoints along the way. 
3. Meet people where they are – Remember that customers might not come to you when they’re looking for advice. In fact, they’re just as likely to search online or through social media, so make sure you’re meeting them where they are. Did you know that Financial Services companies that use social media effectively can see a 20-30% increase in customer satisfaction? 
4. Meet people where they are – Remember that customers might not come to you when they’re looking for advice. In fact, they’re just as likely to turn to Google or scroll through social media for answers. That’s why it’s important to meet them where they are. Financial Services companies that use social media effectively that use social media effectively can see a 20-30% increase in customer satisfaction? 

In a world where customer expectations are higher than ever, banks can’t afford to think in the short-term. Success comes from seeing the bigger picture – because loyalty isn’t built on one transaction, but on a lifetime of relevant, rewarding interactions.

The question is: does your marketing strategy reflect that?

Investing in long-term, lifecycle-driven engagement is key to building relationships with your consumers that last. Think about the moments in their life when they’ll need you and how you can show up in the right way.

Move beyond once-off campaigns and only worrying about retention when a customer is already trying to switch. Create a seamless, always-on strategy that satisfies their needs, so they never consider leaving at all.

Ready to see how your strategy stacks up? Take our 5-minute quiz to benchmark your performance and access exclusive insights on how you can improve with TLC Worldwide.