Rewards-as-a-Service launched by Railsr as it achieves market first
Railsr has launched a new rewards product for brands as it becomes the first, single turnkey vendor stack in the embedded finance experiences market.
The new Rewards-as-a-Service (RaaS) product empowers brands to build finance experiences to drive loyalty, embedding rewards linked to Railsr’s existing card, bank and wallet products.
The launch marks a milestone for the company as it completes its financial product set, creating a unique proposition within the embedded finance experiences market.
Railsr announced the launch at fintech expo Money 20/20.
“The world’s biggest brands are making embedded finance and rewards a part of their loyalty strategies,” said Stuart Gregory, Chief Product Officer of Railsr. “As the world’s leading embedded finance experiences platform, we’re helping our customers drive relationships, relevance and revenue, so brands can deliver game-changing financial experiences that consumers value. Our new Rewards-as-a-Service product is an important step towards achieving what we see as the future of finance, delivered by our favourite consumer brands.”
Stuart went on to explain that Railsr moved quickly to build the solution to meet demand from brands, including retailers and sports clubs, who are under pressure to deepen customer/fan relationships. The opportunity for brands is to move from intermittent interactions to connections which are constant and fulfilling. Relevant and exciting rewards are at the centre of this as an essential mechanism to drive adoption of brand-led cards and other financial products.
Research from Railrs shows that only 35% of Brits are satisfied with the loyalty rewards they get from their bank. Meanwhile, 56% of young people (18 to 24 year olds) are interested in a credit card from their favourite high street brand. Railsr believes its evident that consumers are seeking out these financial experiences from brands they love and trust, as well as alternative loyalty rewards that they truly value.
RaaS will initially be available in the US, then rolled out globally.