- Reward announces achievement of its strategic goal of giving £1 billion in rewards to customers through bank Customer Engagement programmes by 2022
- The announcement comes earlier than expected with Reward citing COVID-19 retail recovery and expansion of international banking partnerships being key to the acceleration
- Reward's strength of partnerships with the worlds' leading banks and merchants allows Reward to help attract and retain digital first customers in a post GDPR world
- The announcement is followed with another promise of giving a further £2 billion in rewards to customers by 2025
LONDON, March 14, 2022 /PRNewswire/ -- Reward, the Global Customer Engagement Platform, today announced that they have delivered on their promise of delivering £1 billion in rewards to bank customers through Customer Engagement Programmes by 2022. Now operating across three continents, Europe, the Middle East and Asia, this goal has been achieved well within the five-year time frame set out in 2018.
The intersection of banking and commerce
Reward's technology platform provides the world's largest financial institutions the ability to attract, engage and grow customers through a digital first experience, driving desired and changed behaviours in return for meaningful rewards for their customers.
Reward aggregates customer-level data and co-creates offers with the world's largest merchants, helping them to understand their market share, share of wallet, to acquire, re-engage and spend stretch existing customers.
Analysing millions of customers, billions of transactions to a value of hundreds of billions of pounds a year, Reward is able to unlock the immense power of customer behaviour to drive meaningful value back into customers' pockets.
The secret to success, the win-win-win
Banking partners have enjoyed billions of pounds worth of value through improved NPS scores, high-quality customer acquisition, churn reduction, greater cross product holding and increased Lifetime Value (LTV).
Merchants have driven approximately £3 billion in incentivised sales using Reward's platform to target their desired customers in a personalised manner.
And customers have been meaningfully rewarded for engagement and behavioural change- rebalancing the ingrained inequality of beneficiaries in the advertising world.
It's this win-win-win methodology that epitomises Reward's belief that you can do good and do good business.
Bigger ambitions and targets
Despite already operating across 20 countries, Reward has set itself more ambitious targets to drive their service into new territories. And with this in mind they have now set a new target, to deliver a further £2 billion in rewards by 2025.
Gavin Dein, Reward Founder and CEO said "We've always believed that Reward could unlock the power of customer data and create a more personalised, relevant and rewarding world. Today, we hit our five-year goal of giving back £1billion to consumers across three continents nearly 12 months ahead of plan. None of this would have been possible without the dedicated team at Reward, our amazing banking and merchant colleagues and strategic partners. But we've only just started this journey. We are now focused on delivering a further £2billion by 2025, proving once more that you can do good and do good business"
ABOUT REWARD
Reward is a Global Customer Engagement Platform, using advanced predictive analytics from spend, location and demographic data to drive insight, relevance, card-usage and product cross-sell for banks and retailers.
The Company has a cloud-hosted, API-based platform provided on full or modular basis to challenger and traditional financial institutions driving increased NPS, customer loyalty and retention.
Reward's Global Merchant Marketplace provides local banks and schemes access to over 200 merchants and their best-in-class personalised card linked offers in 20 countries. Consumers can be rewarded with merchant funded offers within the bank's own loyalty programme.
Reward's Customer Engagement Platform provides local banks and schemes with a fully outsourced, End2End, Customer Engagement Platform where Reward designs, builds and hosts the CX, user journey and marketing.
Reward believes you can do good and do good business, providing £1billion in rewards to customers by helping design, build and operate the best Customer Engagement programmes in the world.
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