Red Zebra Analytics launches innovative cash back loyalty programme for retail banks

Wüstenrot Bank uses Red Zebra Analytics to trial a simple and frictionless cash-back programme set to change the face of online banking

A new form of cash back loyalty programme from Red Zebra Analytics is set to transform the future of online banking. Based on a consumer survey, 72 per cent of respondents said they would be willing to sign up and trial card-linked offers.

Red Zebra Analytics brings together consumers, banks and retailers, with targeted rewards based on spending patterns.  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.

Retail banks improve customer centric services

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.

Red Zebra Analytics stresses that individual customer data never leaves the bank.

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.

“With our innovative programme banks can build closer relationships with their customers by providing them with offers that they actually want,” said Attul Sehgal, co-founder and CEO of Red Zebra Analytics. “Retailers can create highly targeted marketing campaigns quicker than ever before, with no need for extra staff training or backroom administration.

“And of course, customers get money-saving deals that are relevant to them and simple to activate. Once opted in, you go shopping, simply pay with your card and you get cash-back on your bank statement.”

Bill Grimsey, former CEO of Wickes, Focus DIY and Iceland, believes Red Zebra Analytics can help the High Street adjust in a difficult time of austerity and transition. “Retailers need to be able to identify their customer base and target them efficiently. This technology facilitates that, with zero disruption to day-to-day operations.”

Wüstenrot Bank rolls out pilot scheme

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.

“We are keen to support the Red Zebra Analytics project with our vast experience in the retail sector. This is a very innovative concept that will help retailers more accurately target the right customers with special offers that matter to them,” said Rainer Saalfrank, Managing Director of VVS-Group.