What banks can learn from Amazon Prime

Shawn Conahan is chief revenue officer of Wildfire Systems, a white-label cashback and shopping rewards loyalty platform. 

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Debit cards and checking accounts have long been the cornerstone of banking relationships. But today, customers expect more than just basic functionality. They are increasingly drawn to institutions that offer daily, tangible value and an experience that feels more like membership than just account ownership.

Just as subscriptions like Amazon Prime or programs like American Express Membership Rewards stack benefits, banks must rethink how they can enhance core products, such as checking, savings, and debit, to strengthen engagement and maintain customers’ primary banking relationships.

Banks still rely on customer inertia — betting that switching direct deposit and bill pay is too much of a hassle. That strategy is eroding fast. Consumers now keep an average of 5.3 financial accounts, and switching costs are dropping thanks to the ease of digital account opening and open banking innovations. 

If banks today want to stay top-of-wallet, they must offer compelling day-to-day value that makes staying more worthwhile than leaving.

Debit cards: the new loyalty battleground

Debit card usage is a key indicator of a primary banking relationship, and its popularity is rising among millennials and Gen Zers who want to avoid credit card debt. But competition for those debit swipes is intensifying. Challenger banks like Chime offer debit-linked rewards programs, and tech giant Apple provides seamless digital wallets and cashback on certain purchases.

Banks that want to capture and maintain their share of everyday transactions need to make their debit cards more rewarding. This doesn’t just mean through points or cash, but by adding more daily consumer value.

The Capital One/Discover merger is a wake-up call

The Capital One/Discover merger, which closed on May 18, reminds us what’s at stake. It will create a new payments powerhouse with the potential to reshape how customers think about everyday banking. Capital One plans to shift its debit portfolio onto Discover’s Pulse network, making Capital One both an issuer and a payment network controller.

This shift means Capital One will compete for engagement at the transaction level — going beyond customer acquisition to ensure its debit card is the one used most.

Capital One could use their network control to introduce new incentives for their debit card users, like making rewards available to customers via Capital One Shopping-partnered merchants or offering perks for debit users transacting in certain categories.

In this environment, defending banking primacy requires more than offering basic functionality or relying on customer inertia. Rather, it means rewarding daily behaviors to create emotional and financial ties to the bank — stacking layers of value.

What stacking value looks like in practice

How do banks begin adding layers of value to their offerings? Let’s look at adjacent industries for inspiration. For one, Amazon Prime doesn’t just offer fast shipping — it bundles music streaming, video content, Whole Foods discounts and exclusive product deals. American Express Membership Rewards is another example — combining travel and dining benefits, purchase protection and shopping offers to provide value to members.

Banks must adopt a similar mindset. Instead of treating checking and debit products as passive services, they should actively layer in benefits that reward customers’ everyday interactions.

Examples include:

• Financial health tools: Personalized spending insights for budget management, automatic sweeps of rounded-up amounts into high-yield accounts, and gamified savings challenges can turn a basic checking account into a financial coach — building financial security and deepening emotional engagement.

• Shopping rewards integration: Some banks embed cashback or coupon offers from online retailers directly into their digital banking experience. Customers earn money back when they activate card-linked offers or shop using tools like browser extensions within the bank’s ecosystem. These programs provide immediate, visible value tied to everyday spending — and, as a bonus, are often funded through partnerships with merchants.

• Lifestyle-based perks: Examples like Discover’s 1% cashback on debit purchases, Chime’s fee-free overdraft and early paycheck access, and Voya’s payroll-linked emergency savings show how matching features with customer needs can foster stronger relationships.

These kinds of offerings create more reasons for customers to interact with the bank almost every day and deepen the bank’s involvement in customers’ financial lives.

Making it easy to deliver value

Stacking everyday value is clearly essential, but banks often face internal hurdles, including limited development resources, maintaining regulatory compliance and the need to move quickly. Many banks turn to banking-as-a-service (BaaS) and fintech partners to enhance their offerings.

Partners in this space allow banks to enhance their existing banking experiences without heavy development burdens. Turnkey offerings like modular APIs, integration-friendly platforms and pre-configured solutions allow banks to launch benefits faster.

Whether banks build, buy or partner to deliver value-adding enhancements, the principle remains the same: the more ways a customer benefits from staying, the harder it becomes to leave.

Everyday value is the future 

When competitors are offering $400 new account bonuses and embedded finance is eroding traditional banking touchpoints, loyalty can no longer be taken for granted. It must be earned daily.

Banks that don’t may find their customers increasingly treating their primary accounts as commodities, ready to leave as soon as a competitor offers a bigger bonus. Delivering everyday value isn’t just good for the customer experience. It’s the foundation of an enduring bank relationship with customers.