BMTX Enhances Customer Banking Experience with Rewards-as-a-Service API, Providing Seamless Cash Back Opportunities, Unlimited Offers, and Access to Over 50,000 Top Merchant Locations Nationwide
RADNOR, PA / ACCESSWIRE / July 29, 2024 / BM Technologies, Inc. (NYSE American:BMTX), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, is thrilled to announce the launch of a rewards engine to its BankMobile Vibe Checking Account. Powered by Kard, the first rewards-as-a-service API, this innovative rewards engine aims to financially empower customers while driving loyalty among customers, giving them the opportunity to earn cash back1 on debit card purchases from national, online, and local locations.
BMTX believes in breaking the traditional banking mold to foster inclusivity and help real people build wealth to live better lives. Partnering strategically with Kard, this new feature allows customers to earn cash back on everyday debit card purchases effortlessly, helping them save money and build a solid financial foundation for the future. Customers will benefit from a comprehensive rewards solution that contains brands they know and love, helps them discover new brands, and maximizes their savings. Particularly popular with younger Millennials and Gen Z, this reward solution provides offers to those who financial institutions may traditionally underserve.
"We are excited to introduce this new rewards program, which reflects our commitment to providing customers with not only a cost-effective banking solution but also added value through cash back Offers," said Jamie Donahue, President, and CTO of BM Technologies. "This rewards program is designed to help our customers make the most of their everyday spending, further enhancing the banking experience with BankMobile Vibe. By empowering customers for their financial futures, we aim to support their financial independence and success."
Below are the benefits of the cash back Offers feature:
Unlike other rewards engines, users do not need to "activate" specific offers. If eligible for cash back Offers, users only need to spend money with the BankMobile debit card (according to the details of an available offer) to benefit.
There is no limit to the number of offers that users can take advantage of.
Offers at launch will include Athleta, Gap, Banana Republic, Old Navy, FuboTV, Hurley, and CVS. Dozens of well-known merchant brands are also in rotation, such as Dell, Intuit/Turbo Tax, Hewlett-Packard (HP), Allbirds, TicketSmarter, and Sunoco.
There is a merchant network spanning over 50,000 locations around the U.S., including national, local, and online brands.
Kard has 47M cards in its overall network. Its issuers typically see a 20% increase in average transaction value, gain a 50% increase in spending, and re-engage 15% of previously inactive cardholders after a rewarded transaction.
"Kard is proud to welcome BMTX to our network, enhancing seamless cash back experiences for their customers," said Ben Mackinnon, CEO of Kard. "BMTX offers a unique value proposition to a market that has often been underserved by conventional providers. We're excited to help them add rewards to their suite of offerings."
The BankMobile Vibe Checking Account is a digital-only, FDIC-insured, interest-bearing checking account designed specifically for students while getting their education and beyond. BMTX has a 60 combined Net Promoter Score (NPS) versus the national average of 35 for financial institutions, showcasing its commitment to providing an exceptional banking experience. Over 97% of BMTX's partner colleges and universities across the U.S. have reported that the BankMobile Vibe Checking Account is in their students' best interest.
It offers an optional savings account, access to over 55,000 fee-free Allpoint® ATMs2, the ability to get paid up to two days early and receive tax refunds up to three days early via direct deposit3 and more. Vibe 2 Friend is an added feature that allows customers to instantly send money without fees to other BankMobile Vibe customers. The BankMobile Vibe Checking Account is exclusive to students attending BMTX's over 700 college and university campuses across the U.S. After opening their account, customers can continue using their account for life. Additionally, it is a student-friendly checking account with strong protection by the U.S. Department of Education.
Jamie continued, "We are committed to BMTX's ongoing technology evolution by continuing to modernize our platform architecture and introducing innovative products and services that benefit our customers. Adding Kard's innovative rewards-as-a-service API into the BankMobile Vibe Checking Account underscores our dedication to leveraging cutting-edge technology, exemplifying our mission."
The introduction of the rewards engine is part of BMTX's broader mission to provide affordable, transparent, and consumer-friendly banking services. Coming soon, BMTX will enhance the direct deposit experience and external account linking for funding; all these changes are expected to further make the BankMobile Vibe account a feature-rich, lifelong checking and savings account that will grow with their customers.
Learn more about BMTX's cash back Offers feature by visiting this link: https://vibe.bmtx.com/
1 Per the Cash Back Terms and Conditions.
2 Allpoint ATM location, availability, and hours of operation may vary by merchant and is subject to change.
3 Early access to funds cannot be guaranteed. Limitations apply.
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX) - formerly known as BankMobile - is among the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, providing access to checking and savings accounts and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner banks. More information can be found at www.bmtx.com.
About Kard
Kard is the first rewards-as-a-service API to drive loyalty for every cardholder and shopper. Our network of next-generation banks and financial institutions serves a coveted Zillennial, Millennial, and digitally advanced audience, getting merchants in front of the right customers - without spending a fortune. Kard is backed by Tiger Global, Underscore VC, Fin Capital, and s12f. The company made the 2023 Inc. 5000 list and is thrilled to be recognized as one of GGV Capital U.S.'s Fintech Innovation 50. https://www.getkard.com.
SOURCE: BM Technologies
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