Electric Guitar PLC (AIM:ELEG) has announced a new loyalty app in the banking and finance sector.
The app is co-developed by Electric Guitar subsidiary 3radical, its partner Marcomms.ai and fintech firm Little Birdie. It integrates Open Banking data, enhancing consumer engagement and providing personalised financial insights.
Through the use of first-party data the app will allow companies to design personalised loyalty programs that cater to individual financial profiles, which it reckons will significantly enhance engagement and satisfaction.
The Open Banking data is being incorporated into 3radical’s Global Data Store (GDS), which already holds over one billion data points.
“The development of this loyalty app represents a significant milestone in Electric Guitar's strategy,” Electric Guitar chief executive John Regan said in a statement.
“By integrating first-party Open Banking data with our Global Data Store, we can provide our clients with a powerful tool to deliver highly personalised and impactful customer experiences.”
Regan added: "This innovation is just the beginning of a series of initiatives aimed at leveraging data and technology to create next-generation marketing tools which enhance consumer relationships and extend 3radical's product offering, bringing with it significant new revenue opportunities."
Little Birdie co-founder Martin Bould, meanwhile, added: “We are delighted to be collaborating with Electric Guitar to bring the power of Open Banking, and the hyper-personalised insights and recommendations derived from it, to the Loyalty market.
“This collaboration underscores the potential for Little Birdie to deliver both deeper engagement and greater rewards for consumers and businesses."