According to a Deloitte survey, discounts and cash back aren’t enough to maintain credit card customer loyalty, and providers need to look to more holistic personal financial management tools as differentiators.

The study, called “Rethinking the credit card business in a customer experience-driven world,” found that two-thirds of U.S. credit card consumers would be willing to switch their credit card if an alternative offered similar cash back or point-based rewards.

Zach Aron, study author and principal at Deloitte, said credit card companies and banks could lose market share as cash back and points become more common in financial services.

To keep customers loyal, Aron said incumbents should provide insight to customers on how they spend and manage their money. Credit card companies and banks are also uniquely positioned to launch what the study called “financial app superstores,” where consumers pay merchants directly from a bank or credit card app without leaving for a third-party website.

“It ranges from that overall PFM type of view that shows a summary of everything that I do,” Aron said. “It’s not just about connecting financial products but actually connecting transaction types within the application.”

Fifty-five percent of respondents said they would be likely to use such a financial app superstore, Deloitte reported. The study also noted that banks are in a better position to own this space compared to startups. Of the respondents queried, 76% said a bank or credit card company should create these apps, while only 10% favored a technology company and 3% favored a startup. Of the respondents, younger consumers were more likely to use this type of app. Seventy-five percent of respondents aged 18 to 22 said they would use a financial app superstore, compared to 67% of respondents aged 23 to 38.

The biggest threat to credit cards right now is debit cards, which 40% of respondents said would be their primary payment instrument over the next two years. Companies like Green Dot, which offer 3% cash back for debit purchases through its Unlimited account, offer perks that could compete with those of credit card companies.

N26, the digital banking brand from Germany, offers customers discounts on certain monthly subscription services when they pay with their N26 account.

See also: Amazon Pay launches bill inquiry feature via Alexa devices

Deloitte conducted the survey in the summer of 2019, querying 3,000 U.S. consumers. The questions focused on how consumers pay today, how they want to pay in the future, rewards that keep them loyal to certain payment methods and what would cause them to change how they pay. The full study will be available in January.

According to Aron, the trust in banks and card companies to make a financial app superstore goes beyond just safety and security. “There’s still the belief that, when it comes to the ability to make sense of payment and transactional data, that expertise often will reside with a financial institution,” he said.

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