Lloyds and Bink create unified customer loyalty programme solution

UK-based financial services giant Lloyds Banking Group has partnered with fintech Bink to create a unified and frictionless retail reward engagement solution.

Customers will be able to check and redeem points in their Lloyds mobile banking app

Bink’s technology links a customer’s payment cards to participating retailers’ loyalty and customer engagement programmes, ensuring customers are identified and rewarded by retailers every time they shop with their card.

The loyalty solution will be rolled out to Lloyds’ retail banking customers later this year, after which retailers will be able to connect their own loyalty programmes to millions of customers.

It’s hoped the scheme will aid in growing the number of loyalty programme customers and provide consumer data and insights thanks to the ability to capture more customer transactions.

Customers also stand to benefit as their payment cards automatically linked to loyalty programmes means that they do not miss out points earned from purchases. They will also be able to check and redeem points in their mobile banking app.

Lloyds has also made an equity investment representing a minority stake in the fintech.

Bink CEO Mike Jordan says the partnership with Lloyds eradicates the need for physical loyalty cards and the fintech’s technology allows loyalty programmes to evolve as consumers adopt new payment methods.