CASHOFF shows the way to the customer's heart at New York Finovate Fall 2018

NEW YORK,Dec. 3,2018 -- The CASHOFF company took part in New York Finovate Fall 2018,the major world-scale fintech event,which offers live demos of the services and solutions,as well as an opportunity for banks to travel through the customer journey and discover unmanifested service benefits.It presented its cutting-edge developments for increasing customer loyalty through unique customer experience.

Billy Leung (Director) and Lina Perez (Sales Director) were delivering a live demo to the audience at New York Finovate Fall 2018.

More and more banks are seeking to encourage a long-term relationship with their clients because customer retention is much less costly than the acquisition. Loyalty programmes are common but their efficiency tends to decrease or even vanish due to their similarity. Therefore,banks are forced to look for innovative solutions that will make their programmes stand out.

Smart Advice and Cashback on FMCG funded by brands are the loyalty improvementsolutions offered by CASHOFF. The cloud service is a white-label solution that is seamlessly integrated into mobile and internet banking applications and is only seen as some additional tabs in the personal account menu by the end-consumer. Customer acquisition is facilitated by soft and tailored advising,gamification and unlimited cashback opportunities.

Smart algorithms for transactional data analysis that were developed in CASHOFF's research laboratory underlie CASHOFF's quasi-banking solutions. Neural networks and fuzzy logic algorithms mine the accumulated data on customers' financial flows and purchase histories. For the effective evaluation and managementof the personal and household finances from one screen,customers will add the following to their personal account: bank cards/accounts of other banks,e-wallets,retailers' bonus/discount cards,products of mobile network operators. Reports with automated expense categorisation and targeted messages to the bank customers come to fruition thanks to the service ability to retrieve data from itemised e-receipts in retail chain loyalty programmes or by customers' scanning the QR-codes on the fiscal receipts.

Access to the details of bank customers' expenditures works for the better understanding and anticipation of their needs; it will notify them of the items they will soon run out of,to help them save more or,for example,to get the best mortgage deal.

Cashback programme allows customers toearn a feasible reward per every item on offer purchased in any storewith CASHOFF's capable cooperation with popular brands-- so far there are more than 100 offers available in 15 goods categories.

Billy Leung,Director at CASHOFF: "Foreign markets are of special interest to the company because there are few solutions on offer in the sphere of transactional data commercialisation,though it is a very promising area. Our solutions are a powerful tool for the development of long-term relationships with customers and the improvement of their loyalty to the banking brand. Therefore,together with my colleagues,we are seeking to share our expert knowledge with our foreign peers."

Transactional data and a detailed purchase history along with exercising innovative IT technology and developments in the sphere of artificial intelligence do alter the bank-customer relationship framework. Robo-advising becomes more and more perceptive.

Customer loyalty comes naturally if banks understand customers' needs better than others and design the solution with customers' comfort in mind. With this kind of mindset,CASHOFF is able to help banks manage their relationships with the customers and to open up greater monetization opportunities for CASHOFF's clients. Alternative sources of loyalty campaign funding will help cut on internal costs or totally exclude them. In addition to customers' loyalty,banks will capitalise on a feasible and well measurable revenue from a growth in transaction and brands' reward fee for publishing their offers on the banking platform.

CASHOFF's demo is available here: https://finovate.com/videos/finovatefall-2018-cashoff

Background

CASHOFF Ltd is a fintech company established in 2013. CASHOFF Ltd. is a member of the world's best-connected communities and international forums on finance technology,such as Level39,Innovate Finance,Cyberport.

Vast knowledge and wide experience in data aggregation,analysis and enrichment,breakthrough technologies and a rapid response to the market needs move banking services forward,making them more advanced and customer loyalty oriented.

CASHOFF solutions successfully serve the needs of more than 30 banks worldwide,including some major ones. Key markets of operation are Europe and Asia. In 2017,CASHOFF was recognised among top ten fintech companies by Deloitte.

Photo - https://photos.prnasia.com/prnh/20181122/2307583-1