Bank statements give customers monthly tallies on what they have saved and what they have spent. Now those same statements may give suggestions on where customers should spend their money, too.
A company called BillShrink has worked with more than 2,000 banks to offer a new service — part loyalty card, part daily deal — called Statement Rewards. Under the program, online bank statements may include deals and discounts for bank customers based on their recent spending.
If, for example, a customer spent more than $100 at Starbucks in a month, Starbucks could offer a $5 coupon, complete with a small corporate logo, right under the statement’s listing for the last Starbucks purchase.
The same deals could appear on a smartphone so a customer walking near a Starbucks could see how close they were geographically — and financially — to getting a discount at the nearest store.
In the process, marketers gain access to preferred customers, while the banks and BillShrink get a small piece of each transaction. And the consumer now receives a bank statement, which most people regard as confidential and private, that is loaded with advertising.
The service comes at a time when marketers are increasingly moving to offer daily deals and loyalty programs to their customers and banks are reeling from legislation that has curbed fees they charge to consumers and retailers.
“The banking world is in a very tumultuous situation,” said Schwark Satyavolu, the co-founder and chief executive of BillShrink. “They need to do things that are consumer friendly, where the consumer actually gains when they make some revenue.”
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