BenefittY Platform for integrating retail loyalty programs into the banking application

Main article: Big Data

2021: Announcement of a platform for integrating retail loyalty programs into the banking application

On November 9, 2021, BenefittY announced the creation of a platform for integrating retail loyalty programs into the banking application. This will allow retail customers of the bank to receive personal offers based on the history of their purchases, as well as apply the opportunities for retail loyalty programs immediately with a payment on a bank card or SBP.

BenefittY offered banks a solution for personalizing customer experience through mobile applications. Photo: retail-loyalty.org

According to the company, as a result of the introduction of this technology, the bank will receive a dynamic application that takes into account the preferences and interests of each particular person. It is important that the proposed solution through personalization simultaneously stimulates both consumer activity and the direct use of banking products: the number of transactions can increase to 30%, and the ability to "seamlessly" offer the client additional banking products (for example, lending or installment payments) will ensure their growth to 20%. In turn, retail - both large networks and small enterprises - will be able to post personal offers for participants in their loyalty programs immediately in the banking application, as it already does in its own mobile applications.

Thus, sellers will have access to the audience of bank customers. At the same time, retailers will be able to use both their own personalization tools and BenefittY solutions. Finally, users will be able to see in the banking application in one window all loyalty programs of which they are participants and receive personal offers for them. This will spare consumers the need to filter annoying advertising messages in other channels, which are usually of little relevance. For some programs, it will be possible to apply loyalty program bonuses immediately with the payment, as well as exchange points and discounts from different sellers with each other. All the work required to integrate the updated functionality into banking applications, the BenefittY takes over - at the expense of its own IT platform deployed and already tested. Moreover, BenefittY will also hold all negotiations with the main retail chains independently, and then, "in one window mode," will provide banks and retail with the opportunity to interact with each other and make mutual settlements.

In practice, platform integration with a mobile banking application consists of several steps. Firstly, it is necessary to place a link to the geocard in the bank's application - indicating all partners where benefits from the bank and payment systems are provided (MIR, VISA, Mastercard, JCB) and with the possibility of searching by category. This solution is part of the platform and is fully operational. Further, a "shelf" of special offers is created (connected) in various categories, where retail targets its promos to non-personal (without access to personal data) audience segments selected according to various parameters. The same sentences are displayed in the map in the geo-position reference.

Finally, the cartholder/loyalty list is being integrated into the banking application. As a result, the user can see all his loyalty points in one place, receive notifications about their combustion and spend on other loyalty points. A user of a bank application can link their credit card to loyalty programs, and it will become their ID when making a purchase. At the same time, the need to present a bonus card or call a phone number at the cash desk disappears - retailer loyalty program points will still be awarded automatically. Also, when paying through the Express Checkout system in the bank's mobile application, the buyer can receive increased bonuses in the seller's loyalty program.

Another possibility of the BenefittY platform is the possibility of additional earnings for banks by selling to their customers - small and medium-sized businesses - a ready-made cloud product for the quick launch of their own loyalty programs. Thus, not only offers of large networks, but also small businesses will fall on the proposal shelf at the bank. And the formation of personal offers from small businesses will be able to take BenefittY (using its own personalization algorithms).