Barclays has made a strategic investment of £10 million into the loyalty scheme start-up Bink. This move highlights Barclays’ commitment to enhancing customer experiences through innovative technology.
Founded in 2015, Bink enables users to link payment cards to loyalty programmes, automating the points collection process. This partnership is expected to benefit Barclays customers by allowing them to check loyalty points directly through the bank’s app.
Investment Details
Barclays has led a £10 million investment into UK loyalty scheme technology start-up Bink. Founded in 2015, Bink enables customers to link payment cards to loyalty programmes and automatically collect points when making a purchase. This investment aims to integrate Bink’s technology into Barclays’ app, allowing customers to check their loyalty points easily.
Mike Jordan, CEO of Bink, confirmed that the bank has taken a minority equity stake in Bink as part of this investment. He mentioned, “Fundamentally, we can apply the technology across markets all around the world. The premise is still the same: We want to ensure that people never miss out on points, rewards, and benefits.”
Origins of Bink
Board member Lee Clarke founded Bink out of frustration with missing out on offers because he did not carry a multitude of loyalty cards. Clarke realised there was a viable business model when he noted that people always carry their plastic payment cards with them.
The innovative technology developed by Bink aims to eliminate the hassle of carrying multiple loyalty cards. Clarke explained, “We’ve all been at the till when someone in front of us pulls out a bunch of coupons to be scanned, causing a delay. Bink removes this inconvenience by recognising who you are and automatically applying your discounts.”
Partnerships with Major Retailers
In 2017, Bink partnered with Harvey Nichols to integrate their existing reward scheme into the app. This collaboration demonstrated the potential of Bink’s technology to streamline loyalty rewards.
Bink has also partnered with Individual Restaurants Group to offer its services across various high-end restaurants. This partnership allowed customers to benefit from loyalty rewards seamlessly while dining at renowned establishments like Piccolino and The Restaurant Bar & Grill.
The inclusion of major retailers like Morrisons and River Island further cements Bink’s status as a key player in the loyalty scheme market. These collaborations have expanded Bink’s reach and demonstrated its efficacy in diverse retail environments.
Expansion Plans
With Barclays’ backing, Bink intends to scale their operations and introduce their technology to new markets worldwide. The investment is expected to fuel growth and facilitate the global adoption of Bink’s innovative loyalty scheme.
This strategic investment marks a significant milestone for Bink, as it positions the company for substantial growth. The plan is to leverage Barclays’ extensive network and resources to reach a broader customer base.
Bink’s vision is to create a seamless loyalty experience for consumers globally, ensuring no one misses out on rewards. This aligns with their goal of making loyalty points easily accessible and efficiently managed through technology.
Customer Experience
Bink’s technology aims to enhance the customer experience by making loyalty schemes more intuitive and less cumbersome. The process of linking payment cards to loyalty programmes simplifies the accumulation of points during everyday transactions.
By automatically recognising customers and applying relevant discounts, Bink removes the need for physical loyalty cards. This enhances the convenience factor and encourages more users to engage with loyalty programmes.
Bink also sends push notifications to customers, informing them of the savings they have made. This feature adds a personalised touch, making the shopping experience not only convenient but also rewarding.
The Future of Loyalty Schemes
The collaboration between Barclays and Bink signifies a growing trend towards digitalising loyalty schemes. This move is expected to spur similar investments and innovations in the sector, ultimately benefiting consumers.
As companies increasingly adopt digital solutions, the emphasis on providing a seamless and integrated customer experience will likely become a standard expectation. Bink’s technology paves the way for such advancements in the loyalty scheme landscape.
The success of Bink could potentially disrupt traditional loyalty programmes, setting a new benchmark for how rewards are managed and utilised. The future of loyalty schemes looks promising with such technological integrations.
The partnership between Barclays and Bink represents a significant step towards the future of loyalty schemes. By leveraging innovative technology, they aim to provide a seamless and rewarding customer experience.
As Bink continues to expand globally with Barclays’ support, the potential for disrupting traditional loyalty programmes becomes increasingly evident. This collaboration sets a precedent for future investments in digital loyalty solutions.