72% Of Gen Z Consumers Value Banks Which Reward Everyday Spending, As Dragonpass Says Loyalty Perks Can Turn Payments Into Retention
Dragonpass Urges Fintechs To Use Seasonal Spending Signals To Deliver Smarter, More Contextual Benefits
- UK consumers made 1.88 billion card transactions in February
- 72% of UK Gen Z value banks which reward everyday spending over financial milestones
- Over half of Gen Z consumers in Greater London would switch banks for better perks
- Dragonpass’ Loyalty Index found 24% of Brits are more loyal to banks offering travel or lifestyle perks
- 46% of 18-24s stay loyal when banks offer perks beyond money management
- There were 319,529 bank switches in Q1 2026, up 43% year-on-year
Everyday spending is becoming one of the clearest loyalty battlegrounds for fintechs, banks and payment providers, according to Dragonpass, the global loyalty platform serving more than 40 million members worldwide. Andrew Harrison-Chinn, CMO at Dragonpass, is available for an interview on how financial brands can turn payment behaviour into retention, as UK consumers made 1.88 billion card transactions in February and contactless accounted for 66% of credit card and 75% of debit card transactions. The opportunity is particularly clear among younger consumers, with 72% of UK Gen Z valuing banks which reward everyday spending over financial milestones, while more than half of Gen Z consumers in Greater London say they would switch banks for better perks. Dragonpass’ Loyalty Index adds further weight to this, finding that 24% of Brits are more loyal to banks offering travel or lifestyle perks, rising to 46% among 18-24s when banks provide benefits beyond money management.
The commercial pressure is rising as switching becomes easier and consumers become more conditional in where they place their loyalty. The Current Account Switch Service reported 319,529 switches in Q1 2026, up 43% year-on-year, highlighting how quickly customers can move when value feels stronger elsewhere. For fintechs, banks and card providers, Dragonpass says the challenge is no longer only to process payments efficiently, but to interpret spending behaviour in a way that creates more relevant, timely and useful customer value.
The timing is significant for the sector, as the FCA’s Open Finance Roadmap, published in April 2026, points towards a future where secure, consent-based data sharing could support more personalised financial products and better-value services by 2030. Dragonpass says this strengthens the case for financial brands to treat loyalty as a data-led engagement discipline, where benefits are shaped around real customer behaviour rather than generic rewards or static account features.