Key takeaways:
- A new form of customer loyalty programs in the banking industry is being formed by RECASH using AI technology.
- RECASH solves the problem of traditional loyalty programs by targeting competitors’ customers and eliminating the need for extra loyalty cards or QR codes.
- RECASH is an authorized Account Information Service Provider operating under the Second Payment Services Directive (PSD2).
Meet RECASH, a cutting-edge London-based startup that offers a unique proposition in the banking industry. Taking on the challenge of revolutionising customer loyalty programs, RECASH uses AI tools to upgrade any bank card into a cashback card. This approach allows the company to attract its partners’ customers directly from their competitors – a gamechanger in the realm of consumer loyalty programs.
Traditional loyalty systems typically focus on retaining existing customers, leaving a gap in the market for companies looking to expand their reach. More often than not, loyalty programs require a significant amount of information from users and can be cumbersome, with the need for physical loyalty cards, QR codes, or other additional steps. RECASH, however, promises to alleviate these stressors with its artificial intelligence-driven solution.
For its partners, RECASH serves as a pro-active marketing tool, directly targeting competitors’ customers to increase market share. The algorithm behind RECASH is programmed to comprehensively analyse user profiles, particularly capturing payments made to competitors. When such payments are identified, the system encourages users to choose RECASH’s partner options next time for an attractive cashback reward.
For customers, RECASH simplifies participation in loyalty programs. Once the app is downloaded, users can give permission to obtain their transaction data with a single click, without the need to provide any personal or bank card data. When using their bank cards for transactions, users experience a seamless process without extra loyalty cards, QR codes, or scanned receipts. They even receive their cashback automatically within 48 hours.
As the future unfolds, the alliance between artificial intelligence and the banking sector is anticipated to reshape not only customer loyalty programs but the overall customer experience. With its forward-thinking solutions, RECASH stands on the frontier of this transformation, tiding over traditional limitations and creating engaging incentives for customers.
Investors with network and expertise in the payment/retail sector might see the value in RECASH’s innovative approach and consider supporting the company’s next stages of growth. For more information on RECASH, visit their website or follow them on Twitter, Facebook, or Linkedin.
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