Dual benefits for brands
HIGHLY TARGETED OFFERS TO INCREASE INCREMENTAL SALES
HELP CLOSE THE PENSION GAP FOR EMPLOYEES, AN AID TO BECOMING 'A LIVING PENSION EMPLOYER'
The future of customer loyalty involves Open Banking and Smart Data.
Bring a social aspect to your campaigns. Help your customers, employees and society.
Reach customers that have not shopped with you with targeted offers.
Incentivise your best customers.
Build understanding of your customers spending to increase your share of that spend.
Gain insight that you only need pay for when it generates custom to your preset specifications.
USING INDIVIDUALS DATA TO CREATE LOYALTY AND NEW CUSTOM
Open banking opens up new opportunities for brands to utilise data to build customer loyalty and find new customers. Our job at AirFunders is to work with retail partners, allowing the creation and disemination of personalised offers to our members, helping build loyalty based revenue to grow sales.
CASHBACK BUT WITH A REAL DIFFERENCE
Our approach to cashback is for brands to know that cashback they provide on purchases with them can not simply be spent with a competitor but, instead is collected, ring fenced and and invested to provide long term tangible benefits for their customers.
A LIVING WAGE. THE NEXT STEP IS A LIVING PENSION.
Retailers are also employers with their employees servicing customers and representing the brand. Employees will be auto enrolled into workplace pensions, but does that wokplace penson deliver enough?
There are moves proposed by the Resolution Foundation for employers to become Living Pension accredited in a similar way to living wage accreditation. Working with AirFunders can help a retailer close the pension gap for its employees, reducing the requirement on them to become a living pension employer. A fixed cost becomes a variable cost linked to revenue growth.
WHAT IS OPEN BANKING?
Open banking is a groundbreaking initiative that takes power away from the banks and puts it firmly in to the hands of consumers.
Individuals can link their existing bank accounts and credit cards to third party service providers that provide value to them.
Open banking is regulated by the FCA giving full consumer protection.
Third party providers providing value adding services to consumers are given permission to use data for their benefit and that is exactly what AirFunders does.
Simply by linking a bank account, consumers can benefit from their data for the first time and retailers can benefit also by encouraging custom through highly targeted offers.
WHAT DOES A LIVING PENSION ENTAIL?
There is societal pressure on employers to become living wage employers. The next stage in this movement is for employers to become ‘Living Pension’ employers.
Living pension accreditation would involve caring employers volunteering extra auto enrolment payments over and above the minimum 3% legal requirement.
The Resolution Foundation calculates that on average this would amount to an extra 8.1% of income volunteered, which for employers is largely unachievable.
AirFunders can help find extra pension entitlement for those who need it thus helping employers get closer to giving their valued employees a living pension.
HOW AIRFUNDERS WORKS FOR BRANDS?
AirFunders uses Open banking to identify purchases linked to a specific offer, controlled by a brand.
This allows brands to:
•Give employees an extra boost to their pension saving.
•Build incremental sales through data driven personalised offers.
•Reciprocal arrangements with employees of complementary brands.
•Brands control all aspects of loyalty Payments made to consumers.
There is no requirement for any integration. We will simply have an agreement to invoice for cashback on transactions that fit into a campaign that the brand wishes to present to our members.
What is our addressable market for brands to tap in to?
Looking at the workplace pension marketplace, there are a great number of consumers caught in this 'pension gap' currently saving 8% of income against widely accepted requirement of between 12-15%.
A selection of Workplace Pension provider members (active and deferred)
Nest: 9 million
Aviva: 4 million
Legal & General: 3.9m million
The People’s Pension: 4.9 million
Scottish Widows: 3.5 million