19FEBRUARY 2020We work alongside banks to sharpen their service delivery and customer satisfaction to a great extentable to derive optimum benefits from their loyalty programs. Banks only offer a tiny part of their profits with their customers as a loyalty reward. This prompts customers to switch their banking partner to the one that offers better rewards, increasing the churn rate for the banks significantly. To address this issue, some of the banks provide store-specific offers. But to the bank's dismay, this also did not resonate with the customers' interest, as they prefer to shop at the stores of their choice. This is where Cashback 2.0 can be a boon for the customers as well as the banks. Rather than being store specific, Cashback 2.0 allows customers to gain cashback on brand-specific products. It enables banks to offer cashback to the customers on the purchase of essential monthly groceries and other indispensable expenses. "Cashback 2.0 is a white-label service that provides highly targeted tailored cashback solution to banks' customers," remarks Hughes. CASHOFF has partnered with several brands to help banks offer individualised cashback that is in line with the customers' interest. The customers either upload receipts to receive the cashback, or simply adds a loyalty account within their banking application. This authorises CASHOFF to analyse the customers' transactional data down to a single item, enabling them to offer customised cashback to the customers. More importantly, Cashback 2.0 allows customers to use the cashback as real money and spend the entire amount at the place of their liking, be it a loan repayment, donation, or any other service. Hughes shares a customer success story of a loan provider that was hugely benefitted by the Cashback 2.0 service of CASHOFF. The loan provider that wanted to stand apart in the market decided to offer more than just an attractive interest rate. CASHOFF's Cashback 2.0 service helped them engage better with their customers by enabling them to offer cashback to the customer upon using their mobile application. Apart from being a great marketing differentiator for the loan provider, the Cashback 2.0 service enabled the customers to pay off the loan quicker using the cashback they earned from buying monthly groceries and other products. Started as a facilitator of banking services in Russia and the CIS region, CASHOFF has made a mark in the Asian and European regions for its impeccable services. The company is going through the approval process of the Financial Conduct Authority in the UK as a regulated account information provider (RAISP), making them a trusted banking partner for the banks. "The banking products and services are set to become much more focused on the individual customer outcome in the coming years," opines Hughes. To this end, the company aims to strive towards offering a higher level of personalisation to the banking customers in the coming years.
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