Lloyds Bank enters “strategic partnership” with loyalty fintech Bink

Lloyds Bank has entered a “strategic partnership” with loyalty-focused fintech company Bink.

The banking group will embed Bink’s technology into its digital channels later this year, offering loyalty programmes to its retail banking customers.

Bink’s technology  links a customer’s payment cards to participating retailers’ loyalty engagement programmes. Therefore, customers are identified and rewarded by retailers every time they shop with their payment card, giving a “seamless user experience”.

The key retailer benefits include attracting millions of new customers and growing loyalty programme customers, building highly accurate customer insights and removing friction at customer check-out.

For customers, the partnership will enable them to earn retailer loyalty points, not have to manage multiple loyalty cards and have a faster checkout experience.

READ MORE: BNPL is a “market that’s here to stay” – but what does the future hold?

Retailers already offering loyalty programmes through Bink include Harvey Nichols, Iceland, Wasabi and SquareMeal, with others in the pipeline.

Lloyds has also made an equity investment representing a minority stake in the fintech.

“We’re really excited about giving our customers easy access to their loyalty points and rewards through our partnership with Bink,” Lloyds Banking Group payments director Philip Robinson said.

“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.”

Bink chief executive officer Mike Jordan added: “Our goal is to make it simpler and more rewarding for retailers and their customers to connect. Our technology allows loyalty programmes to evolve as consumers adopt new payment methods. This partnership adds real scale to our mission, and we are exceptionally excited.”

“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.”

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