US-based rewards vendor BillShrink is to extend its
StatementRewards offering to its banking partners by the end of
June.
Under the programme, online bank statements will include deals and
discounts for bank customers based on their recent spending.
Go deeper with GlobalData
The StatementRewards product was initially launched last October
with the aim of transforming bank statements into a free
interactive tool to help people save money and be rewarded for
their loyalty.
Merchant deals and discounts are based on transaction history and
individuals are presented deals for products and services they
already like.
Benefits for both customers and
retailers
BillShrink’s banking clients benefit from the deal as the solution
is designed to drive revenue and card usage while offering
opportunities for retailers to present personalised offers to
customers.
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By GlobalDataThe major downside of the latest trend in bank marketing is that
customers receive bank statements loaded with advertising.
BillShrink was set up in 2008; since then, the vendor says it has
helped 1.6m Americans save more than $1bn by delivering
personalised money-saving recommendations on their most common
household bills.
BillShrink has worked with US-vendor Jack Henry & Associates on
its latest service and now claims to have signed up around 2,000
banking partners.
