A new cashback loyalty programme that mines bank data to give consumers targeted retail offers via online bank statements has come to Europe.
Transaction-driven marketing is well established in the US but is a new concept here. British company Red Zebra Analytics has teamed up with Wüstenrot Bank and loyalty provider VVS-Group to run a pilot in Germany.
In the trial, customers were presented with clickable cashback offers from retailers on their online bank statements that they redeemed when they paid with their card.
Retailers are able to target specific groups of the bank’s customers, such as those who spend a lot at rivals, but no individual customer data ever leaves the bank.
Red Zebra Analytics said initial results were encouraging, with over a quarter of those invited to take part opting in.
Bill Grimsey, former CEO of Wickes, Focus DIY and Iceland, is endorsing the new technology.