Connecting Banks, Brands and Consumers on a Single Platform: CASHOFF

We all have our credit or debit cards we use to buy groceries, make dinner reservations, purchase movie tickets, schedule appointments, eat out, book air tickets, pay utility bills, and so on. While continued use of one’s credit card accrues what are called reward points used to receive gifts, customers seldom accumulate enough points to get something meaningful. The conventional rewards program only benefits people with greater purchasing power. In light of this, various Fintech startups have sprung up, offering numerous discounts, coupons, and other loyalty benefits to long-term customers to enhance customer relationship and bolster loyalty. One such company with market-leading technology is CASHOFF.

Founded in 2013, CASHOFF has managed to cultivate a powerful presence in its sector, with collaboration with over 40 of the largest banks (Sberbank, Tinkoff Bank, Alfa-Bank, etc.) and innumerable vendors; CASHOFF has carved a dominating presence in the loyalty rewards program market and improved revenues for banks, brands as well as vendors. In its short lifespan, it has managed to grow at a significant rate and has even opened four offices – headquarters in London, a center for strategic business development in Hong Kong as an APAC hub and a research and development laboratory in Moscow and Yaroslavl, Russia.

Intelligent Analysis of Customer Data

In the era of the internet, data is everything. Many experts concur that data is as important and valuable for internet-based companies as oil is for other industries. Every time someone uses their credit or debit card, completes an online transaction or subscribes to any kind of online service, their usage history gets stored in the service provider’s data center. Analysis of that data helps banks and vendors know their customers better and so, customize their services and products accordingly. This strategy helps internet companies maintain the loyalty of their customers and retain them for the long-term. CASHOFF’s services are based on enabling banks to offer a unique reward program to loyal customers in collaboration with a number of corporations and retailers to reward cashback. What it means is, regular customers of banks who subscribe to CASHOFF stand to get numerous discounts on a wide range of consumer goods such as groceries, beverages, personal care items, and many more.

But CASHOFF’s reward program is not random. The company’s data analysis technique uses artificial intelligence, machine learning, and advanced mathematical modeling algorithms to process customer purchase patterns and makes a comprehensive and accurate assessment of customers’ habits. By utilizing customer’s transactional data, the rewards thus offered are done so with respect to what the customer would have liked or actually bought in a store. For example, a female customer who frequents beauty parlors, nail salons and apparel showrooms would be offered discounts relevant to her taste. CASHOFF’s algorithm would ensure that she would not receive random offers in which she may or may not be interested in. This is a powerful tool to treasure bank’s customer in the app or e-banking system, enhancing the overall interaction between a bank and its customer.

It is such comprehensive regard to customer satisfaction that has made CASHOFF popular among some of the largest banking institutions across Europe. In an era of smartphones and a complete reliance on internet services, CASHOFF is an excellent way for banks to enhance the overall interaction between a bank and its customers, fostering their long term relationship. Whenever customers avail tailor-made benefits and incentives, it is mutually beneficial for the banks, vendors and not to mention, CASHOFF itself. It is such attention to detail and creation of a system that benefits everyone in it is what has earned it a spot on Deloitte’s top ten Fintech companies and a victory in the innovation week competition in Silicon Valley.

Since data is a hot commodity for providers of Internet-based services, CASHOFF ensures that all the data about its customers’ personal spending habits are completely secure and protected by state-of-the-art security algorithms. Additionally, the solution can be easily integrated with any mobile banking app or e-banking systems through API. This seamless integration cultivates a new revenue stream for banks and brands while providing an easily accessible platform for a customer to get cashback. The company is currently focused on consolidating its presence in Europe, Asia, and the CIS markets.

Personal Financial Management

As the name indicates, personal financial management (PFM) includes all the practices that allow people to manage and control their finances better. It can be done to make strategic investments, create a retirement fund or just have a reasonable degree of financial security. Personal financial management plans depend upon each person’s income, spending habits, and assets in total. So it suffices to say that any PFM plan has to be person-centric, instead of just one plan being adjusted to fit everyone. A good way to achieve suitable tailor-made PFM schemes is by expert analysis of financial data. CASHOFF, with its data analysis tools, can assist banks to formulate appropriate PFM plans for all customers ranging from individuals carrying about their day-to-day expenses to advanced users of the banking system. The strategy used to formulate loyalty programs and rewards plans can also be used to roll out customized financial management plans for customers, based exclusively on their financial situation.

CASHOFF is well on its way to become a rising star in Fintech. As it increases its portfolio of corporate tie-ups and collaborations with big brands, it builds its investment for the future.

A Little about the Brains behind CASHOFF’s Meteoric Rise

As Director at CASHOFF, Billy Leung sets and executes the strategic direction of the company and expands the market presence in APAC with his Fintech and digital banking experience in Europe and Asia. Billy was an onstage speaker at Finovate, Slush and a number of fintech conferences in New York, Hong Kong, Tokyo and Taipei. He started the first business at the age of 8 and completed a degree in Global Business Systems Management in Hong Kong, Beijing and Denmark.

"We come up with innovations that make people enjoy every moment of their lives instead of giving thought to trivialities.”