Beyond NPS: Rethinking Customer Loyalty in Digital Finance

Shreya is a senior marketing and communications leader with over 20 years of global experience across journalism, advertising, startups, and ASX Top 10 companies. She drives brand growth through data-driven marketing, digital transformation, and strategic communications, leading customer marketing and advocacy at Westpac Banking Group.

In a thought-provoking interaction with Global Woman Leader Magazine, Shreya shares her insights on evolving customer behavior, balancing personalization with privacy, and navigating digital-era crises in finance. She explores unconventional strategies for reputation resilience and the future of financial marketing amid Gen Z’s rise and the disruption of traditional banking models.

Shreya says, “I’ve had a ring-side seat to witness key shifts in customer behaviour, the growing demand for personalization, engagement through gamification, and the increasing expectation on ESG commitments. The financial services industry is in a unique position to drive meaningful change, and the need of the hour is to be nimble, adaptive, and above all, transparent in how the brand engages with customers.”

What unexpected shifts in customer behavior have you observed recently? How should organizations rethink their marketing and communication strategies to stay ahead?

Think of the change in customer behaviour as riding a wave. Two positive themes have emerged over the past few years:

The Rise of Purpose-Driven Consumers – Customers choose brands that resonate with their values, ones that provide and create value, whether it’s sustainability, ethical finance, or social justice. This shift is encouraging organisations to reframe the way they go to market. Marketing isn’t just about selling products anymore; it’s about creating meaningful, purpose-driven value added interactions.

The Expectation of Instant Gratification and Seamless Service – With the intersection of tech financial services with specialised fintechs, customers expect services delivered with the precision of a well-oiled machine. Be it a loan approval, a new savings product, or customer service, they want it seamless—and they want it personalised. Traditional banking communication is undergoing a rethink with their communication strategies to meet these demands while maintaining trust and compliance.

To stay ahead, we need to be as adaptable and as tailored in customer communication. Marketing strategies must align with the authentic values of the customers we serve. This means deepening our understanding of what customers truly care about—and delivering on those insights in real-time. How data is used to help customers make the most of their money and reach their financial goals while rewarding loyalty is key to customer retention.

In an era where data privacy laws are tightening, how can financial organizations create hyper-personalized experiences without breaching trust or regulatory boundaries?

Think of personalisation as a craft. It’s incredibly powerful when timed right and can build trust if handled with care. As data privacy laws tighten, the pressure is on. How do we deliver hyper-personalised experiences without breaching trust and being compliant? The answer lies in intentionality.

It's not just about using data to serve up a targeted ad or personalised offer; it’s about using that data to create genuine value for customers. For instance, if a customer reaches out with a specific concern, don’t just send a generic solution, deliver a tailored, thoughtful response that enhances their experience without feeling intrusive.

Trust is the biggest currency in a world where customer experience and perception are paramount. Hyper-personalisation should focus on addressing customer’s needs, not just the sell products. Leveraging AI, machine learning, and data analytics to offer better experiences, and transparency is key. Clearly communicate why customer data is being collected, how it benefits them, and what steps we’re taking to protect their information right up front and articulating the value of the communication helps drive trust. Trust isn’t given lightly; it’s earned with every interaction.

How can marketing leaders ensure that ESG storytelling translates into real, measurable impact and avoids the trap of greenwashing?

Sustainability and social responsibility are no longer just buzzwords. However, social impact is what gets engagement more than just ESG commitments. Customers and community expect genuine, measurable action, not surface-level commitments that risk being labelled as greenwashing.

For marketers, the challenge is clear: Social impact storytelling must translate into real, measurable impact for customer, community and shareholder. Instead of communicating, “We are committed to sustainability,” we need to demonstrate how we’re making a difference.

It’s not enough to talk the talk; we must walk the walk. Transparency in communications, with clear metrics, reporting, and ongoing progress updates, is essential.

What unconventional crisis communication tactics should organizations adopt to build long-term reputational resilience beyond reactive PR fixes?

Every brand faces a crisis at some point. In the financial services world, this could be a regulatory issue, a security breach, an outage, or a remediation. How we respond can make or break our reputation.

While we need to manage the immediate fallout, but we also need to build long-term reputational resilience.

Organisations must adopt proactive crisis communication strategies—ones that not only mitigate damage but also rebuild trust with customers and the community. This requires clear, consistent messaging, a human touch in all communications, and a commitment to doing the right thing even when it’s uncomfortable.

Long-term resilience comes from authenticity and accountability. If we make a mistake, we need to own it, apologise, and demonstrate a plan for how we’ll prevent it from happening again. That’s how trust is built.

In today’s dynamic financial landscape, should brands redefine how they measure customer advocacy, and if so, what alternative frameworks should they consider?

While NPS can be a measure, the true strength of customer stickiness is customer advocacy.

To truly understand customer advocacy, we need NPS and consider alternative frameworks. One promising option is Customer Effort Score (CES), which measures how easy it is for customers to interact with your brand. Another is Customer Lifetime Value (CLV), which is a benchmark for customer loyalty and stickiness.

While NPS measures are important, embracing more dynamic, real-time measures such as customer advocacy, we can gain deeper insights into the why behind customer behavior and advocacy.

With Gen Z becoming financially independent and traditional banking models being disrupted, what unconventional shifts in marketing and communication strategies do you foresee shaping the next 3–5 years in the financial sector?

How we market to Gen Z will shape the financial sector. Gen Z is radically different from previous generations—they’re digital natives, they value authenticity, and they expect instant, seamless experiences. So, what does this mean for financial services?

Mobile-First, or Nothing – If you’re not already prioritising mobile-first you’re losing a sizeable market share. Gen Z expects to manage every aspect of their finances on their phones—whether it’s budgeting, investing, or banking. Digital platforms must be frictionless, intuitive, and built for a mobile-first world.

Authenticity and Transparency – Gen Z values honesty and authenticity over slick marketing. They can see through inauthentic claims

Financial Education as a Product –Gen Z is savvy and proactive about financial literacy. If we want to capture their attention, we need to offer more than just products; we need to offer real, valuable financial education. Whether it’s through gamified apps, content marketing, or digital experiences, the best way to engage them will be to meet them where they are.

To stay ahead, we need to be more adaptable, more transparent, and more authentic than ever before. We must embrace personalisation without compromising trust, articulate social stories that make a real impact, communicate proactively in times of crisis, and rethink how we measure customer advocacy.

And above all, we must stay focused on the future—the next generation of customers who will demand more from us than ever before. In my experience having a multi-generational teams are the key to success. The question is: are we ready to meet them where they are?