back Back

Lloyds Banking Group and Bink partner to create a new channel for retailers

By Joy Dumasia

March 02, 2022

  • Bink
  • Card Payments
  • Cards
Share

Lloyds Banking Group has entered a strategic partnership with FinTech Bink. Together they will transform the way customers of the bank’s retail brands can 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 that retailers identify and reward customers when they shop with their payment cards, giving a seamless user experience. 

Later this year, the companies are working to introduce the loyalty solution into Lloyds Banking Group’s award-winning digital channels for its retail banking customers. Once operational, retailers will 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 checkout. 

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 and 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.”

Previous Article

March 02, 2022

Payhawk becomes the first-ever Bulgarian unicorn at $1bn valuation

Read More
Next Article

March 02, 2022

Union Bank launches Union MSME RuPay Credit Card

Read More







Advertise with us



IBSi Daily News Analysis

Fintech

July 06, 2022

Bink

As cost-of-living crisis bites, how can financial services support their customers?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 06, 2022

Chip enhances savings experience with TrueLayer Payments

Read More

July 06, 2022

Seedrs selects Form3 and LHV UK to support instant and faster payments

Read More

July 06, 2022

Fable Fintech forays into Bahrain with Batelco Financial Services

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022