Lloyds Bank has entered into a strategic partnership with Bink, a FinTech that focuses on loyalty.
In Brief:
Bink offers digital infrastructure linking payment cards to retailers’ loyalty programmes.
Lloyds already invested in Bink at the beginning of the year.
The solution aims to help retailers get “closer to” their customers, and Lloyds customers can now manage loyalty and rewards through the Lloyds banking platform.
What does this mean?
Lloyds’ approximately 26mn retail customers will now be linked to retailer rewards programmes through their banking app and will be able to gain and use loyalty points through their payment card rather than having multiple cards and apps.
