PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Lloyds Banking Group and Bink Partner to Create a New Channel for Retailers to Reach Millions of Loyalty Customers

PaymentsJournal by PaymentsJournal
March 1, 2022
in Partnerships, Press Releases
0
Lloyds Banking Group and Bink Partner to Create a New Channel for Retailers to Reach Millions of Loyalty Customers

Lloyds Banking Group and Bink Partner to Create a New Channel for Retailers to Reach Millions of Loyalty Customers

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

London, 01 March 2022 – Lloyds Banking Group has entered a strategic partnership with fintech Bink. Together they will transform the way customers of the bank’s retail brands are able to connect with retailers and their reward and loyalty programmes.

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

The companies are working together to introduce the loyalty solution into Lloyds Banking Group’s award-winning digital channels for its retail banking customers later this year. Once operational, retailers will be able to connect their loyalty programmes to millions of potential customers.

The key retailer benefits include:

  • Attracting and engaging millions of new customers and growing loyalty programme customers.
  • Ability to capture more customer transactions through loyalty schemes, helping better understand, shape and reward customer behaviour.
  • Build highly accurate customer insights that can shape business decisions.
  • Opportunity to enhance a retailer’s existing programme, or a simple way to launch a new initiative for those who don’t have one.
  • Remove friction at customer check-out.

Retailers already offering loyalty programmes through Bink include Harvey Nichols, Iceland, and Wasabi, with SquareMeal the latest to sign up and many more in the pipeline.

The key customer benefits include: 

  • Loyalty programmes automatically linked to payment cards means customers do not miss out on earning retailer loyalty points.
  • Ability to enrol in new loyalty schemes, as well as check and redeem loyalty points with participating retailers in their mobile banking app. 
  • Less hassle managing multiple loyalty cards and faster checkout at retailer tills.

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

Mike Jordan, CEO Bink, said:

“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.  And we will continue to empower more retailers with our solution which generates better and richer customer insights, enabling them to serve their customers better.”

Philip Robinson, Lloyds Banking Group Payments Director, said: 

“We’re really excited about giving our customers easy access to their loyalty points and rewards through our partnership with Bink. 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.”

About Bink:
Bink was founded in 2015 to address the frustrations of retail engagement and loyalty programmes, which have neither kept pace with technology, nor with how people want to shop and interact with their favourite brands. Bink’s unique technology solution, Payment Linked Loyalty, allows customers’ payment cards to be securely linked to engagement and loyalty programmes, enabling every customer to be identified and rewarded every time they shop.

About Lloyds Banking Group: 
Lloyds Banking Group is the largest UK retail and commercial financial services provider, with 26 million customers and a leading digital presence. Includes Lloyds Bank, Bank of Scotland and Halifax.

Tags: Customer LoyaltyLloyds BankLoyaltyLoyalty ProgramPartnershipPartnershipsPress ReleaseRetailretailerRetailers
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Buy Now Pay Later BNPL, B2B BNPL

    B2B BNPL Offers a High-Potential New Chapter in Payments

    February 6, 2023
    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix