New rewards platform for financial institutions
The financial services technology provider Jack Henry & Associates has formed a strategic alliance with payment intelligence software firm Saylent Technologies to offer an integrated customer rewards platform for financial institutions.
The new 'BIG Rewards' platform was designed to help financial institutions increase their profitability by attracting and retaining customers and deposits, by offering high-interest cheque accounts, cash-back, and merchandise incentives that reward customers based on their banking activities and relationships during statement cycles.
The web-based solution is being integrated with Jack Henry's core processing systems and will be offered in an ASP (application service provider) environment, managed by the company itself.
According to Tony Wormington, president for Jack Henry & Associates, "BIG Rewards aims to enable our financial institution clients to accurately report on and analyse customer data, transaction behaviour, and payment patterns. This insight can then be used to build stronger, more profitable relationships by developing customer segmentation strategies and by defining and implementing customer loyalty and incentive programmes. The platform's analytics capabilities also allow the impact of those loyalty programmes, as well as changes in customer behaviour, to be measured."
BIG Rewards uses Saylent's Account360 software platform, and Saylent is also providing consulting and optimisation services to help Jack Henry's clients to capture, analyse, and understand payment activity. Saylent will also help individual financial institutions to segment their customer bases and design an appropriate loyalty and rewards programme for each targeted segment.
Jack Henry also now offers Saylent's Card360 solution to its clients, which automates debit card programme segmentation and trend analysis. Card360 allows financial institutions to generate network and merchant-level reports, to segment cardholders, and to produce greater insights into debit cardholder buying behaviour and profitability.
For additional information: · Visit Saylent at http://www.saylent.com · Visit Jack Henry at http://www.jackhenry.com
