Account growth is no longer just about interest rates and product features—it’s about delivering value from the very first interaction. While loyalty programs are traditionally seen as retention tools, they’re increasingly being used to drive cardholder acquisition and accelerate growth across the entire account lifecycle.
With rising competition from fintechs and evolving consumer expectations, banks and credit unions are looking for flexible, cost-effective ways to stand out. Today on the blog, we explore how loyalty rewards can become a powerful strategy for sustainable account growth.
Banks and Credit Unions Are Rethinking Account Growth Strategies
Consumers today are savvier, digitally native, and quicker to switch providers. In fact, the 2025 Retail Banking Trends and Priorities Report1, published by Q2, found that while 44% of banking executives list deposit growth as a top priority, only 27% feel “very prepared” to achieve it.
At the same time, cardholder acquisition is becoming more competitive. Embedded finance, BNPL, and non-bank platforms are capturing consumer attention at the point of sale. Traditional institutions are being challenged to show value early, before a card is used or an account is funded.
This is where loyalty programs can tip the scales.
Loyalty Promotions Drive Acquisition and Engagement
Promotions can serve as the bridge between acquisition and long-term value, giving consumers a reason to act now and a reason to stay.
“Successful acquisition campaigns aren’t about passive rewards; they require engagement,” says Tom Swanson, Account Executive at ampliFI Loyalty Solutions. “By tying introductory promotions to spend triggers, limited-time offers, or meaningful choices, financial institutions can create a stronger hook that drives both early activation and long-term loyalty.”
New Account Promotions: Offer bonus points for completing a qualifying activity within the first 30–90 days of account opening. Examples of this can look like:
Earn 10,000 points when you make 5 debit card purchases in your first 30 days or spend $500 and earn 10,000 points.
This model drives immediate transaction activity and accelerates account activation.
Engagement-Based Offers: Personalized programs like Build Your Own Rewards (BYOR) invite cardholders to actively participate in shaping their experience from day one. With BYOR, cardholders select the bonus categories that matter most to them—gas, groceries, travel, or dining—creating a stronger sense of ownership and relevance. This opt-in model isn’t just flexible; it boosts activation rates and early card usage by making rewards feel immediately personal and valuable.
Loyalty Programs as Acquisition Engines
A loyalty program isn’t just an incentive for your existing members. When positioned strategically, it becomes a differentiator—one that delivers instant value to prospective cardholders.
Rewards add tangible benefits to new checking and credit accounts, particularly when they’re tied to common behaviors like:
- Setting up direct deposit
- Completing a certain number of debit or credit card transactions
- Using digital services like eStatements
This early engagement not only increases activation but also creates momentum. According to Deloitte’s 2024 Annual Report on Consumer Loyalty & Expectations2, 63% of consumers say loyalty programs positively influence their decision to open a new account.
Turn New Accounts Into Long-Term Relationships
Using loyalty rewards to drive acquisition and retention isn’t just a feel-good strategy; it’s a smart one. EY’s 2024 Loyalty Market Study3 found that emotionally connected consumers are more likely to consolidate accounts and bring more of their financial life under one roof.
Ultimately, growth isn’t just about numbers; it’s about building trust from the first interaction. Loyalty programs are one of the few tools that allow financial institutions to do both: incentivize key behaviors and form meaningful relationships.
By weaving loyalty into your acquisition strategy, you’re not just filling the top of the funnel. You’re creating a journey that delivers value every step of the way.
Ready to drive account growth and engagement? Let’s talk.
Sources:
12025 Retail Banking Trends and Priorities Report