FinTech Interview with Shawn Conahan, Chief Revenue Officer at Wildfire

FTB News DeskFebruary 4, 202530 min

Brands must rethink loyalty as competition intensifies. Learn how strategic rewards, personalization, and seamless experiences drive long-term customer retention

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Yinglian Xie, CEO and Co-Founder of DataVisor

At Wildfire, Shawn develops strategic partnerships with major finance, banking, and fintech companies to enable the creation of new revenue streams and modernizing their customer experience to position them competitively for the future of banking and money. He has been an entrepreneur, senior executive and investor in the wireless, technology and Internet industries for over 15 years, having previously built and sold three companies. His industry experience ranges from digital media to wireless technology to big data where the common thread has been building platforms with broad applicability.

To start, please share a bit about your background and your role as Chief Revenue Officer at Wildfire Systems. What drew you to the world of loyalty and customer retention?
My background is business development. That is different from sales. Business development is about creating lasting partnerships that are mutually beneficial and profitable. At Wildfire, that also comes with the added feature of having financial benefit to end-customers while representing a net new revenue stream to banks and financial institutions. It is a balancing act, but when done properly, creates a win-win-win situation, and that is my job.

We are living in the Loyalty Era. Payment friction has been reduced to essentially zero, and global reach to the internet-enabled consumer base has steadied over the past five years because there simply aren’t any net new consumers left in the world. During the same timeframe, ad spend in the U.S. has doubled to $264 billion because brands and merchants are competing for the same customers. The only strategy that works is loyalty. We are in the middle of the most important structural shift with respect to customer engagement ever witnessed.

We hear a lot about the concept of the “Loyalty Era.” From your perspective, what defines this era, and why is it so crucial for brands today?
I call the current era the Loyalty Era because competition has never been fiercer, and consumer loyalty is really the only reliable long-term strategy for differentiation. We have reached peak customer acquisition, so the only way to grow and gain more customers is to take them away from competitors. Financial companies that don’t prioritize loyalty risk losing market share to more agile competitors, particularly fintech, who have invested heavily in customer retention by offering rich rewards and personalized experiences. Brands must understand that in today’s market, loyalty isn’t just a program; it’s a strategic advantage that delivers a consumer value-add, with long-term revenue growth and creating a moat around your company.

Loyalty pays off, too. For example, HBR reported that companies with high NPS Scores (indicating high loyalty) that are at the top of their industries grow revenues roughly 2.5 times as fast as peers. They also deliver 2-5 times the shareholder returns over the following 10 years.

Driving more loyalty is especially important in the financial industry. In fact, Citigroup found that over 40% of banks report having lost 5% of market share to fintechs, and 89% of them expect they could lose another 5% in the next five to ten years.

With consumer choice being so abundant, what do you believe are the main challenges brands face when trying to retain customers in today’s market?
Today, the challenges brands face really come from increased competition, high customer expectations, and the evolving digital landscape. I think these sum it up well:

  1. Fierce Competition and Low Switching Costs
    One of the most significant challenges brands face today is the sheer volume of competition and how easily consumers can switch from one brand to another. Especially in the financial vertical. In many cases it only takes a few taps to set up a new account at a digital-only bank offering a strong savings account APR and move your funds to that new bank. This illustrates how the digital era has lowered barriers to entry for new competitors, leading to an explosion of choice for consumers.
  2. Rising Consumer Expectations for Personalization
    Today’s customers expect a personalized experience at every touchpoint. Brands that fail to leverage data to deliver relevant, tailored offers risk becoming irrelevant. Now, the challenge here is not only to gather data but also to use it in a way that makes customers feel uniquely valued and understood. Just yesterday, I read a LinkedIn post by someone who had received eight different emails from their credit union in the past two days, but they were all generic offers. The CU even sent this person an email to refinance their mortgage at around 4.5% – without first realizing or checking that the person already had a sub-3% rate with that very organization. Banks and credit unions have a lot of historical consumer and purchase data, but they need to get smarter about applying it strategically to deliver customers meaningful offers and messages.
  3. Balancing Value with Profitability
    While offering deep discounts and rich rewards can attract customers, it can also erode your margins if not managed carefully. Brands face the challenge of designing loyalty programs that are both appealing to customers, while being financially sustainable for the business. Leading brands are shifting their focus towards loyalty programs that are not just cost centers but also profit centers, generating revenue through partnerships, retail advertising networks, or value-added services.

You mention consistency, value, and convenience as the key pillars for driving customer loyalty. Could you walk us through how brands can effectively implement these pillars in their strategies?
Sure. Consistency is about delivering a uniform experience across all channels—whether in-store, online, or via mobile apps. To achieve consistency, brands must ensure that their loyalty programs, rewards, and customer service are reliable and recognizable wherever customers engage with them.

Value creation, especially through rewards and discounts, is a cornerstone of customer loyalty in today’s competitive environment. Brands should focus on maximizing perceived value by offering personalized, relevant rewards that resonate with their customers. The key here is personalization, like I mentioned.

Finally, in the Loyalty Era, convenience is also a major driver of customer satisfaction. But brands need to reduce friction at every touchpoint and make customer interactions as seamless as possible to make it happen. Or as the book by Steve Krug, first published in the year 2000, is aptly titled, “Don’t Make Me Think.”

In your view, how has consumer behavior evolved in recent years, especially when it comes to brand loyalty? Are there any specific trends you’re seeing in customer expectations?
Traditional brand loyalty, where consumers stuck with a brand out of habit or trust, is giving way to a more value-driven loyalty. Today’s consumers are more likely to switch brands if they find better deals or rewards elsewhere. There is a Salesforce report which found that 71% of consumers had switched brands in the prior year, primarily to secure better deals. This highlights a major shift: customers now prioritize tangible benefits like discounts, cashback, or rewards over only emotional or historical connections.

There are also rising expectations for personalization. Sorry to be a broken record here, but consumers now expect brands to tailor offers and experiences to their individual preferences and behaviors. One-size-fits-all loyalty programs, offers, products, and messages no longer cut it.

Finally, there is high demand for seamless, convenient Experiences. Convenience is more important than ever in customer loyalty, driven by digital and mobile-first experiences that have become nearly frictionless across all touchpoints. Let’s face it, we’ve all been conditioned through our smartphones and by Amazon. Customers today want fast, easy, and consistent experiences. So loyalty programs that involve too much effort—like having to register and activate offers or navigate complex redemption processes—are problematic.

Could you share some examples of brands that are successfully adapting to this new loyalty landscape? What are they doing differently to stand out from competitors?
Sure, I can call out a few companies:

  1. Starbucks: Starbucks is a prime example of how to build a seamless, engaging loyalty ecosystem. The Starbucks Rewards program, which is well-integrated with their mobile app, has become a cornerstone of their success. The Starbucks app not only offers low-friction payment and ordering but also allows customers to quickly accumulate redeemable stars. In 2023, it was reported the program accounted for almost 60% of the company’s in-store sales, a testament to its popularity.
  2. PayPal and Honey:
    PayPal’s acquisition of Honey in 2020 now shows a forward-thinking approach to loyalty and customer engagement. Back then, people weren’t sure of the logic of this billion-dollar investment by PayPal. But, what PayPal did with this acquisition was to create a stronger value proposition for consumers using PayPal as a payment tender by also providing them with instant access to deals and cashback opportunities from online retailers, using Honey’s browser extension. This move not only added value to PayPal’s services as a payment tender, but also boosted consumer loyalty by offering tangible savings during the checkout process. Embedding shopping rewards directly into the shopping journey helped PayPal reinforce their customers’ loyalty, without forcing customers to alter their own behavior.
  3. American Airlines:
    AA’s loyalty program illustrates how a traditional business can pivot to become more of a financial loyalty powerhouse. Their AAdvantage program allows customers to earn miles not just from flights but also through everyday purchases via co-branded credit cards. (I made Platinum last year through purchases alone.) What’s interesting is that the loyalty program has become more valuable than the airline itself, with lenders assigning negative value to the airline’s physical assets compared to the immense value of its loyalty program during the COVID-19 pandemic. By turning miles into a highly liquid, non-fiat currency, American Airlines has created a secondary economy that also enhances customer loyalty and increases engagement.
  4. Chase:
    In financial services, Chase is leading the charge with next-generation loyalty strategies like its recently launched Chase Media Solutions, the first retail media network by a bank. Chase leverages its massive customer base and their own historical transaction data to provide highly targeted offers that deliver cashback, funded by advertisers. This adds value for the consumer. But it also drives incremental revenue for Chase from merchants.

Given the level of competition today, how can brands attract customers from their competitors without merely competing on price? What additional value can they offer?
To stand out and win over customers from competitors, brands need to focus on delivering additional value that goes beyond just discounts.

First, by offering highly personalized experiences. Instead of generic offers or promotions, brands can leverage their customer data to tailor rewards, communications, and offers as much as possible to each individual.

Reducing friction in the customer journey is also a powerful way to differentiate. Brands that make it easy for customers to earn and redeem rewards, make purchases, or interact with customer service will naturally reinforce customer loyalty. For financial companies, features like “pay-with-points” at checkout, digital wallet integrations, and auto-fill payment options can significantly enhance convenience and improve customer satisfaction.

Technology plays a major role in shaping the customer experience. How are modern technologies influencing loyalty strategies, and how can brands leverage them to build deeper connections with their customers?
Modern technologies are literally the very foundation of successful loyalty strategies in the Loyalty Era. Financial brands should be using technology to create unique, seamless, and engaging customer experiences. For example, tools like browser extensions for delivering in-the-moment online shopping reward offers, mobile apps that incorporate loyalty program features, and AI-driven personalization engines help banking brands stay relevant and accessible in customers’ daily lives.

What common mistakes do brands often make when attempting to build loyalty programs, and how can they avoid falling into those traps?
One of the most frequent mistakes brands make is designing loyalty programs that are too complex, requiring customers to jump through multiple hoops to activate, earn, and redeem rewards. Convoluted point systems, actions that require customers to divert from their usual purchase path or behavior, restrictions on usage, frequent expiration dates – all these create friction and frustrate customers. Did you know, for example, that “card-linked offers” only see about a 2-5% average redemption rate for banks/credit cards?

And many brands fall into the trap of thinking that price cuts or discounts are the only way to build loyalty. While savings are certainly important, a program that revolves solely around discounts is easily copy-able by competitors and may not actually drive genuine loyalty. Discounts alone don’t build emotional connections—they only encourage deal-hopping.

Looking ahead, what do you see as the future of customer loyalty in an increasingly digital and choice-rich market? What should brands be focusing on to ensure they stay ahead?
One of the most frequent mistakes brands make is designing loyalty programs that are too complex, requiring customers to jump through multiple hoops to activate, earn, and redeem rewards. Convoluted point systems, actions that require customers to divert from their usual purchase path or behavior, restrictions on usage, frequent expiration dates – all these create friction and frustrate customers. Did you know, for example, that “card-linked offers” only see about a 2-5% average redemption rate?

Many brands fall into the trap of thinking that price cuts or discounts are the only way to build loyalty. While savings are certainly important, a program that revolves solely around discounts is easily duplicated by competitors and may not actually drive genuine loyalty. Discounts alone don’t build emotional connections—they only encourage deal-hopping.

A quote or advice from the author : To build a career in today’s financial industry, simply start something. It doesn’t matter if you are in your first or your fifth or your fifteenth year in your career; every successful person I know has pushed forward to the front of the pack and offered their time and effort to do something above and beyond. Do not wait to be asked. Assume your effort will be appreciated. I know this sounds like general advice, but in an industry that is changing rapidly, fortune favors the bold.

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