Darren Hughes, Director
The second payment and services directive (PSD2) marks a significant step toward commoditization in the EU banking sector. The directive, which is the cornerstone of open banking in Europe, aims to protect banking customers, and promote the development and use of innovative online and mobile payments that enhances the customer experience. More importantly, the PSD2 enables qualified payment-service providers (PSPs) or Regulated Account Information Service Providers (RAISP) to gain access to customers’ bank account data and initiate payments or provide a range of data analysis services. Consequently, the PSPs and RAISPs are coming up with innovative and potentially lucrative services to disrupt the traditional banking industry in the region. Hence, the onus is on banks to chart a precise business strategy, leverage modern cognitive tools, and be ahead of the competition. This is where London-based fintech, CASHOFF comes into the picture with cutting edge solutions to help banks stay on top of recent technological innovations and be ahead of the curve.
Started in 2013, CASHOFF puts banks' customer data to the maximum effect by leveraging the modern cognitive technology tools, driving banks towards a more customer-focused approach. The company's solutions help banks unlock their potential in web and mobile applications and provide a new range of banking services to their customers. These new banking services aim at offering customer-specific products, helping banks improve customer experience. On the other hand, the company saves the banking customers from the long and mundane queues, allowing them to enjoy a plethora of banking services at the comfort of their homes with the help of their banks' mobile and web applications. "We work alongside banks to sharpen their service delivery and customer satisfaction to a great extent," states Darren Hughes, Director at CASHOFF.
Since open banking and multi banking are on an upsurge in the European Union, CASHOFF helps banks aggregate data from all the different bank accounts of customers in a single mobile application, be it savings, current, or credit account of any bank. This allows them to avoid data duplication and gain a holistic view of a customer's financial transactions to ascertain their creditworthiness as well as determine their spending habits appropriately. As a result, the banks can offer tailored services based on the customers' specific demand and their spending habits. With appropriate data analysis, they can cross and up-sale products and promotions to their customers. Also, banks ensure a higher success of their marketing campaigns by only targeting the customers who might be interested in a particular scheme.
Besides, the integration of all the bank accounts at a single location also enables customers to gain complete control of their finances. The customers can use this integrated approach to perform analytics on their accounts and set financial goals.
We work alongside banks to sharpen their service delivery and customer satisfaction to a great extent
Another service that augurs well for CASHOFF is Cashback 2.0, which adds panache to a bank’s loyalty program. Typically, the European market has not been able to derive optimum benefits from their loyalty programs. Banks only offer a tiny part of their profits with their customers as a loyalty reward. This prompts customers to switch their banking partner to the one that offers better rewards, increasing the churn rate for the banks significantly. To address this issue, some of the banks provide store-specific offers. But to the bank’s dismay, this also did not resonate with the customers’ interest, as they prefer to shop at the stores of their choice. This is where Cashback 2.0 can be a boon for the customers as well as the banks. Rather than being store specific, Cashback 2.0 allows customers to gain cashback on brand-specific products. It enables banks to offer cashback to the customers on the purchase of essential monthly groceries and other indispensable expenses. “Cashback 2.0 is a white-label service that provides highly targeted tailored cashback solution to banks' customers," remarks Hughes. CASHOFF has partnered with several brands to help banks offer individualised cashback that is in line with the customers’ interest. The customers either upload receipts to receive the cashback, or simply need to add a loyalty account within their banking application. This authorises CASHOFF to analyse the customers’ transactional data down to a single item, enabling them to offer customised cashback to the customers. More importantly, Cashback 2.0 allows customers to use the cashback as real money and spend the entire amount at the place of their liking, be it a loan repayment, donation, or any other service. Hughes shares a customer success story of a loan provider that was hugely benefitted by the Cashback 2.0 service of CASHOFF. The loan provider that wanted to stand apart in the market decided to offer more than just an attractive interest rate. CASHOFF's Cashback 2.0 service helped them engage better with their customers by enabling them to offer cashback to the customer upon using their mobile application. Apart from being a great marketing differentiator for the loan provider, the Cashback 2.0 service enabled the customers to pay off the loan quicker using the cashback they earned from buying monthly groceries and other products.
Started as a facilitator of banking services in Russia and the CIS region, CASHOFF has made a mark in the Asian and European regions for its impeccable services. The company is going through the approval process of the Financial Conduct Authority in the UK as a regulated account information provider (RAISP), making them a trusted banking partner for the banks. “The banking products and services are set to become much more focused on the individual customer outcome in the coming years,” opines Hughes. To this end, the company aims to strive towards offering a higher level of personalisation to the banking customers in the coming years.