Red Zebra Analytics launches cash back loyalty programme for retail banks
A new form of cash back loyalty programme from Red Zebra Analytics has piqued the interest of numerous banks and retailers. According to a consumer survey, 72% of respondents said they would be willing to sign up and trial card-linked offers.
The pilot scheme is taking place in partnership with Wüstenrot Bank in Stuttgart and Ludwigsburg. A select number of employees and bank customers have been invited to participate in an internal trial, using sample offers to gauge customer attitudes to card-linked rewards.
Once sufficient transaction data is generated, Wüstenrot and Red Zebra Analytics will target retailers over the coming months. VVS-Group – a leading German merchant loyalty provider – is working with Wüstenrot and Red Zebra to identify and deliver the most attractive retailer categories for customers.
When customers log in to their online bank or credit card accounts, they are presented with various cash-back offers. If they see an offer they like, they just click to accept it. Later, when shopping, they simply pay with their bank’s debit or credit card. Discounts are awarded in the form of cash payments once a month. Everything takes place with no vouchers, no coupons and no hassle.
Banks do not receive payments from retailers or consumers, benefiting instead from increased account activity, an improved relationship with existing customers and a strong platform to attract new ones. “This is why we are testing the new customer loyalty concept with a pilot project that will offer our participating online banking customers additional benefits,” said Dr Peter Müller, Head of Product Development and Programmes at Wüstenrot Bank, part of the Wüstenrot & Wuerttembergische Group.
Dr Peter Müller and his team at Wüstenrot Bank have already seen positive response from the customers signed up to the pilot project. Customers are benefiting from a wide range of attractive offers, and at the same time feel that they are always in control of the promotional offers they receive. They can opt in or opt out, of any offers, anytime. They will not receive unsolicited e-mail, SMS or phone calls from our retail partners.