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A partnership between Lloyds Banking Group and the UK-based fintech Bink will see loyalty programmes being automatically linked to the bank’s payment cards.
The companies are working together to introduce Bink’s loyalty solution into Lloyds Banking Group’s digital channels for its retail banking customers; set to be in motion later this year.
Bink’s technology links a customer’s payment cards to participating retailers’ loyalty and customer engagement programmes. This ensures that customers can be identified and rewarded by retailers every time they shop.
“Our goal is to make it simpler and more rewarding for retailers and their customers to connect,” explains Bink CEO Mike Jordan. “Our technology allows loyalty programmes to evolve as consumers adopt new payment methods.”
Once the plans being forged by the partnership come into fruition, retailers will be able to connect their loyalty programmes directly to Lloyds’ payment cards. Customers will be able to check the current status of their rewards through their mobile banking app.
Working in this way, the partnership is set to provide businesses with more insight into who their customers are and how they’re shopping, allowing for reward schemes to be further defined for purpose. “Our solution…generates better and richer customer insights, enabling them to serve their customers better,” Jordan comments.
In addition to this, the scheme ensures that customers are rewarded when rewards are due, effectively bolstering customer retention whilst removing the friction of the checkout. It also eliminates the hassle of juggling multiple rewards cards, as Jordan explains: “Through our partnership with Lloyds Banking Group, we will take our intuitive digital user-experience, that eradicates the need for physical loyalty cards, to millions more customers.”
The duo has hoped that the implementation of such a scheme will encourage more businesses to think about what their customer relationship means, and in some cases, direct businesses to impose a loyalty system if one is not already in place.
Retailers already offering loyalty programmes through Bink include retailer Harvey Nichols, the supermarket Iceland and the food chain Wasabi, with the bar and venue site SquareMeal being the latest to sign up.
Lloyds Banking Group has also made an equity investment representing a minority stake in the fintech.
“Linking payment and loyalty cards together means customers can significantly reduce the amount of plastic in their wallets, and it’s simple to manage all of the schemes through the mobile app or internet banking,” concludes Philip Robinson, Lloyds Banking Group Payments Director.
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