Truaxis, a leader in transaction-enabled services such as personalized card-linked discounts, has partnered with online banking solution provider, Jwaala, to launch StatementRewards to their credit union clients and reach millions of members using their Better Online Banking solution. Truaxis’ data-driven services platform allows financial institutions to provide personalized rewards and discounts, funded entirely by retailers, direct to their customers within the online or mobile banking environment. Truaxis’ platform supports a robust offer portfolio, with over 70,000 offers from nearly 40,000 local, regional and national merchants. Truaxis uses sophisticated algorithms to analyze its dynamic inventory and match appropriate offers to credit union members in real time for maximum user satisfaction.
“We saw Truaxis’ StatementRewards technology as a lightweight and seamless addition to our services offered for our FI clients,” explains Kelly Dowell, COO of Jwaala. “The entire process—analyzing offers, handling presentment, redemption, crediting the user’s account—is handled by Truaxis. It requires minimal interaction from the FI and can be easily rolled out across our entire customer base. Our clients win because, at no cost to them, they’re able to delight their members with savings from their favorite retailers.”
Truaxis’ personalized transaction-enabled services platform maximizes the value to credit union members by customizing rewards and discounts based on past purchase history, predictive analytics and collaborative filtering. Personalized offers have been shown to lift members’ share of spend and online engagement with their credit union, which deepens the relationship and increases member satisfaction and loyalty. Personalized offers are integrated within Jwaala’s Better Online Banking and Better Mobile Banking environments and presented via the credit union’s site.
“Continuing litigation and regulation on interchange fees have forced FIs to get creative with their rewards programs,” said Schwark Satyavolu, Co-Founder and CEO of Truaxis. “Truaxis’ StatementRewards platform provides relevant and valuable rewards to cardholders. We also offer the country’s largest merchant network and our patented bill analysis for categories such as gas, cable and wireless service. The result is that FIs working with Jwaala will increase their market competitiveness and member satisfaction by helping their members save hundreds of dollars yearly.”