In an effort to digitise the way customers engage with loyalty programmes, Barclays has partnered with Bink.

Barclays stated that it will make a significant investment and take a minority stake in Bink. Furthermore, the partnership will deliver a seamless way for customers to access several loyalty programmes on offer.

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It is part of Barclays plan to continue to invest in several new business models. Bink’s Payment Linked Loyalty platform hit the market in 2015. Its technology allows customers to link payment cards to loyalty programmes.

This process also enables customers to automatically collect loyalty points after a purchase is made with their linked payment card.

Head of Digital and Open Banking at Barclays, Ruchir Rodrigues, stated: “Bink has created a practical and innovative solution to an everyday problem and we’re excited to support them in the next stage of their growth.

“Over six million of our customers use our mobile banking app to manage their day-to-day finances, and we strive to make that experience as easy, intuitive and secure as possible. Bink’s seamless Payment Linked Loyalty technology will help customers avoid missing out on valuable loyalty benefits in all areas of their spending.”

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In addition, CEO of Bink, Mike Jordan, said: “We are thrilled that Barclays has chosen to invest in and partner with us at such an exciting time of Bink’s growth. Our platform simplifies how customers collect loyalty points and can transform how businesses connect with their customers.

“It’s clear that Barclays and Bink share a common goal of driving innovation in app-based experiences, and this partnership will help deliver the benefits to Bink and Barclays customers alike.”

Barclays game plan

Over recent years, Barclays has accelerated its digital transformation strategy. The bank has launched a number of unique services and products to enhance the overall customer experience.

Some of the technology innovations on offer include:

  • Customers can view their current accounts from other providers within the mobile app. Barclays became the first UK high street bank to allow this.
  • Merchant Control – customers can now turn off spending across five merchant categories including gambling and also premium rate phone numbers.
  • Freeze mode – within the app, users can also temporarily freeze their cards.

Continuing this trend into the new year, Barclays launched its Spending feature at the end of January.

The feature allows customers to automatically categorise their spending into sections and also view all transactions. Therefore, customers can see how much they’ve spent and where throughout the month.