Railsr, a global embedded finance experiences platform, has launched a new Rewards-as-a-Service (RaaS) product that enables brands to build their own branded rewards programmes.
By integrating rewards into its existing card, banking and wallet products, Railsr offers a one-stop-shop solution to brands wanting to increase customer loyalty and engagement through embedded finance experiences.
The announcement marks the first milestone since Railsr’s renaming and repositioning towards its core embedded finance experiences offer, which was announced at Money20/20 Europe. Railsr’s new phase of expansion is focused on helping its customers drive relationships, relevance and revenue, with the latest Rewards-as-a-Service product a key component of this vision.
Railsr’s flexible RaaS product is a valuable business lever for brands looking to incentivise customer behaviours through rewards, such as cashback, crypto rewards, exclusive experiences, or other perks, based on customisable parameters including volume of spend, or transactions and card usage rates. Brands can also unlock insights with customer data dashboards that track and measure the impact of promotions.
“The world’s biggest brands are making embedded finance and rewards a part of their loyalty strategies,” said Stuart Gregory, chief product officer of Railsr. “As the world’s leading embedded finance experiences platform, we’re helping our customers drive relationships, relevance and revenue, so brands can deliver game-changing financial experiences that consumers value. Our new Rewards-as-a-Service product is an important step towards achieving what we see as the future of finance, delivered by our favourite consumer brands.”
The company has moved at pace to build the solution to meet demand from brands, including retailers and sports clubs, who are under pressure to deepen customer/fan relationships. The importance of finance products to consumers, and the frequency of their use, offers brands an opportunity to go from intermittent interactions to constant connection. Relevant and exciting rewards are at the centre of this as an essential mechanism to drive adoption of brand-led cards and other financial products.
According to research from Railsr, only 35 per cent of Brits are satisfied with the loyalty rewards they get from their bank. Meanwhile, 56 per cent of young people (18-24 year olds) are interested in a credit card from their favourite high street brand. It’s evident that consumers are seeking out these financial experiences from brands they love and trust, as well as alternative loyalty rewards that they truly value.
Known as ‘Embedded rewards’, the Rewards-as-a-Service product is now available to Railsr’s customers in the US, and will be available globally in the following months.