Germany's Wüstenrot Bank pilots retailer cashback loyalty platform
04 July 2013 | 7404 views | 1
Germany's Wüstenrot Bank is piloting a new cashback loyalty programme from Red Zebra Analytics which presents targeted retailer offers to customers whenever they log in to their online bank account.
Red Zebra Analytics says that its system brings together consumers, banks and retailers, with targeted rewards based on spending patterns.
When customers log in to their online bank or credit card accounts, they are presented with the offers and just click to accept them. Later, when shopping, they pay with their bank's debit or credit card and the discounts are awarded in the form of cash payments once a month.
Wüstenrot Bank is piloting the system in Stuttgart and Ludwigsburg with a small number of employees and customers and says that once it has gathered enough data, it will target potential retail partners.
Red Zebra Analytics says that, although banks do not get fees from retailers or consumers, they benefit from increased account activity and an improved relationship with users.
Meanwhile, customers get money-saving offers without their data leaving the bank, meaning that they are not spammed with unsolicited emails and texts from retailers.
Attul Sehgal, CEO of Red Zebra Analytics, says "customers get money-saving deals that are relevant to them and simple to activate. Once opted in, you go shopping, simply pay with your card and you get cash-back on your bank statement."