According to new data from the Cardlytics Banking Index, in 2026, loyalty is increasingly conditional, with consumers placing more emphasis on clear financial value.
The research surveyed 4,000 UK adults and found that while only 16% are likely to change banks in the next 12 months, this isn’t a trend driven by loyalty — for 20%, this is tied to the hassle of switching.
There’s also significant variance across demographics.
Indeed, among Gen Z and Millennials, the percentage considering switching in the next 12 months rises to 25% and 24%, respectively, while more than half of adults have switched their main bank account at some point.
For those considering a move, financial value is a key driver.
When asked what would trigger a move, 36% named better savings or interest rates, 28% selected better cashback or rewards, and 27% chose a financial incentive to switch.
If offered personalised cashback based on their spending habits, 47% would be more likely to stay put — rising to 55% for those aged 18 to 34. Alongside this, the Index found that for 32%, loyalty means feeling valued or rewarded for being a customer.
Against this backdrop, Lucy Whittemore, SVP, UK Partnerships at Cardlytics, said that personalised rewards can be a practical way to “reinforce relevance,” while also strengthening retention in a market where customers are ready to move.
But the data also surfaced that banks face a visibility challenge with rewards. A total of 22% respondents were unsure of whether their bank offered cashback or rewards linked to spending, which Whittemore said points to a clear engagement gap.
“For banks, increasing value visibility is critical. It is not enough to have rewards, cashback or offers available somewhere in the banking experience if customers do not notice them or understand their relevance,” Whittemore told Hello Partner.
Looking at the wider picture, Whittemore said: “Banking environments combine trusted customer relationships with transaction-level insight, giving brands a way to reach consumers with relevant offers while giving banks a stronger retention tool.”
“For performance marketers, this moves the conversation beyond traffic and conversion alone. It shows how rewards, personalisation and verified spend data can create a clearer value exchange for consumers, banks and brands,” she added.
