Electric Guitar PLC (AIM:ELEG) chief executive John Regan this week joined the Proactive studio to talk about its latest projects including the development of a loyalty app that leverages open banking data.
According to Regan, the app can help users identify opportunities to save money, and take advantage of offers like cheaper energy providers.
Here’s the transcript of the interview.
Proactive: John, lots of news flow coming from the company. Let's start with the latest—the creation of a loyalty app leveraging open banking data.
John Regan: So, this is an announcement that I'm really excited has gone out.
We've been working on this for some time. The substance of it is, we partnered with a business we know very well, and they have an app using open banking processes. Open banking data is data from your bank account.
You may not know this, but you, as a consumer, actually own that data, and you have the right to use it for your own benefit.
You can give first-party permission to a third party to use your data. For example, Little Birdie has an app that analyzes your bank account using AI and identifies areas where you could save money.
That might be a subscription you’ve forgotten about or an energy bill where you’re overpaying. Once they’ve done that analysis, they show you areas where you can save money.
They might say, “Here’s a subscription you’ve had for three years. Would you like to cancel it?” Or, they might help you find a cheaper energy provider through a marketplace, with just one click.
What’s interesting to us is that, as a marketer, if you understand people's banking transactions, you can really understand the type of product a customer is likely to want.
So, you can show them a product that is likely to appeal to them, whether it’s premium or value-focused.
We’ve agreed with Little Birdie that our clients can repurpose their app as a loyalty scheme.
So, for instance, if you’re a customer of a major bank or payment provider, both of which are our clients, you can be rewarded through this scheme. By sharing your information with us, we can help you save money on bills like energy.
From our perspective, we can offer this more powerful data to our clients and combine it with the work we are already doing at 3radical. Over time, we’ll integrate this product into our overall product suite.
Proactive: Of course, you’re speaking to us from Singapore at the moment, John, where you've just announced a new campaign with MediaCorp.
John Regan: Yes, actually, several RNS announcements have come out recently. I’m in Singapore to help launch our new products alongside our partner Digital Alchemy, which we announced recently.
We had about 30 people this morning that I was presenting to, discussing our AI JV, our new vocal solutions platform, and our SaaS service.
We’re also excited about our agreement with MediaCorp. MediaCorp is the largest content provider in Singapore, offering news, streaming, and sports coverage. However, they don’t know much about their users because people don’t log in.
To address this, we ran a test using gamification, where users could play a game and be entered into a prize draw.
In the test, 64% of players re-engaged with more games, and as a result, MediaCorp has now contracted us to roll this process out across their streaming channels. This is a very exciting development because it’s a big client, and the test was highly successful.
Proactive: I hope you'll keep us apprised of developments with both of these campaigns. Thank you very much for joining us today.
John Regan: Thanks very much, Stephen.