From Cradle to Grave: How Banks Can Win at Every Life Stage

Imagine this – a proud parent opens a bank account for their newborn.

They grow up, get their first Saturday job, and set up their own savings account. Then it’s time for university. So, they set up a student account, while having a part-time job on the side.

In their twenties, they open an ISA to start saving for their first home. Fast forward a few years and they apply for a mortgage, as they settle into their life. Next, they look for investment opportunities, before planning for retirement, and thinking long-term.

Eventually, they’re the ones opening accounts for their children and grandchildren – 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 to their customers. In fact, some banks are losing as much as 30-40% of their existing customers 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 programs, so you’re there for every financial milestone that matters.

Customers don’t think about banking in terms of products – they think in terms of life moments. From getting their first payslip to planning for retirement, every financial decision is rooted to a real-life need.

The banks that win are the ones who meet people in these moments, with relatable and relevant engagement. That’s how they attract new customers, while building lasting loyalty with ones they’ve already got.

Let’s explore these moments and how to engage consumers in each, building that all-important relationship as you go.

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, digital-first habits are already taking shape. Think about:

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

These early stages are the perfect time to make banking feel positive. It’s your chance to connect with both the grown-ups guiding the way and the kids just starting their journey. Speak to both – parents looking for trust and reassurance, and children seeking fun, rewards, and bite-sized learning that actually makes sense to them. Offer fun days out to enjoy together, 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, it’s all about independence and future goals, so give them something to dream about. Speak their language and offer incentives they actually care about to truly engage them – think cinema tickets, money off streaming services, or discounts off their first holiday without the family.

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

These customers need financial flexibility. They’re balancing day-to-day spending with bigger ambitions – and looking for support with everything from smart budgeting to major milestones like buying their first home. 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 actually feels like it’s talking to them. If they’re starting a family, treat new parents to a spa weekend or provide vouchers to stock up on newborn supplies. If they’re commuting regularly, offer a free coffee every morning to help them start 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.

At this stage, 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. At this stage, it’s not about winning them over, it’s about making sure they never want to leave.

This is where tiered benefits come in. Make sure you’re continually rewarding customers for staying with you, with perks that reflect that long-term value. This also has to extend beyond unsustainable cash incentives. Consider things like wellness experiences, travel discounts, free flights, and VIP treatment to show them how much 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. When the average consumer holds three or more credit cards, simply being in their wallet doesn’t mean you’re top of it.

Every bank, whether they’re new on the scene or legacy, should be fighting to stay top-of-wallet. That means driving frequent use, removing any friction, and giving customers real reasons to stick around. A well-timed reward, seamless digital experience, or an offer that lands at just the right life 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 have on them to anticipate their needs, stay relevant and remove the reason 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 building a sustainable, always-on strategy that turns account holders into active users.

Customers don’t just want a bank – they want a financial partner who helps them navigate life’s key moments, from that first savings account for pocket money to the wealth management that allows them to enjoy their 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. Loyalty that lasts – Go beyond transactions to build emotional connections and a sense of belonging. Always be mindful of the moments that are driving a customer’s interactions. Are they nervous about taking out a loan? Excited at the thought of saving for a home? Resonate with their journey.

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 one-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.