Financial services have always lagged behind other sectors (particularly retail and airlines) in their ability to access and use customer data. So a recent announcement that US-based fintech Plaid is entering the the UK market to offer to fintechs access to the consumer-account data held by established banks and other big players is likely to raise some eyebrows. Plaid has built up a very comfortable business in the US selling software to customers who tend to be challenger … [Read more...] about Plaid enters UK selling bank data to fintechs
Financial Services
Banks turning to fintech for customer solutions
Banks partnering for the experience Strengthening online security revealed to be a priority for almost two-thirds of banks More than three-quarters (84%) of banks are considering new fintech partnerships in 2019 in a bid to improve customer experience and a real-time response. Kyle Ferguson, CEO Fraedom The research, commissioned by fintech provider Fraedom, also found that other factors inspiring banks to partner with fintechs are better cash and card … [Read more...] about Banks turning to fintech for customer solutions
Transferable points offer has power to disrupt
There has been little fuss around the latest loyalty move from JP Morgan/Chase but if it becomes more widespread, it has the potential to disrupt the marketplace. Chase has launched a transfer bonus for its credit card rewards customers, offering a 30% bonus when they transfer Chase Ultimate Rewards points to the British Airways Executive Club frequent flyer programme. Transferable points is a concept that has been gathering steam over the past year or so and it seems financial … [Read more...] about Transferable points offer has power to disrupt
Yandex offers 10% cash back by cross selling services
Two Russian banks first partners Yandex, which describes itself as a technology company that builds intelligent products and services powered by machine learning, has partnered with two of Russia’s leading banks on a payment card with a powerful reward offering. Alfa-Bank and Tinkoff Bank will be the first to partner with Yandex, and Yandex Taxi will be the first service to be offered with a 10% cash back reward. There are 15 Yandex services, and these will be offered at … [Read more...] about Yandex offers 10% cash back by cross selling services
Unisys launches personalised rewards platform
Taking advantage of open banking rules Software company Unisys, which works with 450 of the world’s banks, has chosen two relatively minor UK building societies to launch a new version of its banking platform, using new Open Banking rules offering personalised offers and insight. Open banking rules make it a requirement for financial institutions to share data with other organisations and for banking customers to easily access third party applications and services. Using … [Read more...] about Unisys launches personalised rewards platform
Rumours and more rumours as Tesco Clubcard price cuts
Everyone watching as latest ‘big plans’ emerge Tesco is reported to be trialling price cuts for loyalty members but this is not the only big rumour circulating. Tesco is also said to be bringing together its retail, financial services and mobile offerings in a deal that could bring it into direct competition with Amazon. First the price cuts for Clubcard holders The Sunday Times reported yesterday that Tesco was trialling lower prices for Clubcard … [Read more...] about Rumours and more rumours as Tesco Clubcard price cuts
Insurance, utilities and telcos penalise customer loyalty
Loyalty Surgery Speaker
Introducing the latest speaker at The Loyalty Surgery, October 16&17, London Being a loyal customer is not always good policy, and this is especially the case in the insurance, utilities and telecom sectors. Competition & Markets Authority (CMA) and the Financial Conduct Authority (FCA) in their report published at the end of last year found that, instead of being rewarded for fidelity, consumers often encounter a so-called ‘loyalty penalty’ for sticking with their … [Read more...] about Insurance, utilities and telcos penalise customer loyalty
When loyalty becomes costly
Insurance, broadband and utilities struggle with concept
Being a loyal customer is not always good policy, and this is especially the case in the insurance, utilities and telecom sectors. Competition & Markets Authority (CMA) and the Financial Conduct Authority (FCA) in their report published at the end of last year found that, instead of being rewarded for fidelity, consumers regularly encounter a so-called ‘loyalty penalty’ for sticking with their insurance, … [Read more...] about When loyalty becomes costlyComment: Taking position for the new payments tomorrow
Comment
