Loyalty App to Leverage Open Banking Data

Electric Guitar PLC

25 September 2024

 

25 September 2024

Electric Guitar PLC

("Electric Guitar" or the "Company")

 

Development of Loyalty App for 3radical Clients Leveraging Open Banking Data

 

Electric Guitar PLC (LSE: ELEG), the digital marketing and advertising company providing first-party data solutions, is pleased to announce a significant development in its digital marketing and technology portfolio through a strategic collaboration between its primary operating subsidiary, 3radical Limited ("3radical"), its joint venture Marcomms.ai and financial technology innovator, Little Birdie. This partnership has resulted in the creation of a loyalty app that integrates Open Banking data, enhancing consumer engagement and providing personalised financial insights.

The loyalty app is aimed at empowering 3radical clients with advanced tools to better understand and engage their customers. By incorporating first-party Open Banking data, the app provides businesses with unparalleled insights into customer spending habits, preferences, and financial behaviours. This data will enable the creation of highly personalised and relevant loyalty programmes that resonate deeply with individual users.

The collaboration also enables Open Banking data to be incorporated into 3radical's Global Data Store (GDS), adding value to the intellectual property already contained within 3radical's existing database which contains over one billion engagement data points. 3radical's GDS is already being deployed by Marcomms.ai to underpin its AI-powered engagement products.

Key Benefits of the Loyalty App and Open Banking Data Integration:

·    Enhanced Personalisation: The app leverages Open Banking data to offer a deeper understanding of customer behaviours, allowing 3radical clients to tailor offers, rewards, and promotions to individual financial profiles. This level of personalisation ensures that customers receive offers that are not only relevant but also timely, significantly improving engagement and satisfaction.

·    Data-Driven Insights: By integrating Open Banking data into the GDS, 3radical clients and Voco deployments gain access to a broader and more comprehensive dataset. This integration allows for more sophisticated data analysis and segmentation, enabling businesses to craft highly targeted marketing strategies that align with customer needs and preferences.

·    Improved Customer Retention: Personalised loyalty programmes driven by real-time financial data will encourage repeat engagement, fostering long-term customer relationships. The app's ability to provide value through personalised offers will enhance customer loyalty and retention rates, as customers feel more understood and valued by the brand.

·    Competitive Advantage: The combination of first-party Open Banking data with the GDS positions 3radical clients at the forefront of data-driven marketing. This unique approach to customer engagement provides a significant competitive edge, as businesses can offer experiences that are far more personalised and relevant than what is currently available in the market.

·    Comprehensive Customer Profiles: The integration of Open Banking data into the GDS enriches customer profiles with financial behaviour insights, enabling a more holistic understanding of each customer. This comprehensive view of the customer allows businesses to predict future behaviours and needs, further enhancing the effectiveness of marketing campaigns.

 

John Regan, CEO of Electric Guitar PLC, commented:  "The development of this loyalty app represents a significant milestone in Electric Guitar's strategy. By integrating first-party Open Banking data with our Global Data Store, we can provide our clients with a powerful tool to deliver highly personalised and impactful customer experiences.

"This innovation is just the beginning of a series of initiatives aimed at leveraging data and technology to create next-generation marketing tools which enhance consumer relationships and extend 3radical's product offering, bringing with it significant new revenue opportunities."

Martin Bould, Co-founder of Little Birdie, commented: "We are delighted to be collaborating with Electric Guitar to bring the power of Open Banking, and the hyper-personalised insights and recommendations derived from it, to the Loyalty market. This collaboration underscores the potential for Little Birdie to deliver both deeper engagement and greater rewards for consumers and businesses."

For further information:

Electric Guitar PLC John Regan (CEO) [phone] Allenby Capital (Nominated Adviser and Joint Broker) Jeremy Porter Piers Shimwell Dan Dearden-Williams 020 3328 5656 Axis Capital Markets (Joint Broker) Richard Hutchison 020 3026 0320 Global Investment Strategy UK (Joint Broker) James Sheehan 020 7048 9400 Yellow Jersey (Financial PR) Charles Goodwin Annabelle Wills Bessie Elliot 020 3004 9512 [e-mail]

Notes to Editors

Electric Guitar PLC (AIM: ELEG) is the provider of first-party data solutions for the marketing and advertising industry, empowering businesses to realise the value of their first-party data. In an era of changing consumer attitudes towards the use of their data, tighter privacy legislation, and the demise of third-party cookies, first-party data is now the key to success in digital marketing. Electric Guitar's strategy is to acquire and scale businesses that help marketers maximise the value of first-party data by curating, managing, and deploying it, and in doing so making Electric Guitar the industry standard for first-party data solutions.

As the first part of this strategy, Electric Guitar acquired 3radical Limited, a company that utilises its Software as a Service platform, 3radical Voco, to enable organisations to engage individuals and request their data directly using interactive digital experiences. It has since entered into collaborations with several other businesses operating in the field, as well as a joint venture with Exelia Technologies Limited called Marcomms.ai for producing AI-driven products and services for the digital marketing and advertising industry.

For further information please visit www.electricguitarplc.com.

About 3radical

3radical provides businesses with gamification and audience engagement solutions through its Voco platform. The company helps brands create compelling, interactive experiences that captivate and retain customers, driving deeper engagement and measurable business outcomes.

About Little Birdie

Little Birdie is the UK's leading subscription and recurring payments management platform. Users can manage all of their subscriptions and recurring payments for products like mobile phone, broadband, energy, pay TV, streaming, food box subscriptions or gym membership in one easy to use app. The app enables aggregation of all the payment methods users have (via Open Banking), alerts for price rises, contract or free trial end dates, price comparison, switching and cancellation. There is a also a market place for the latest deals and offers on subscription products.

You can find out more about Little Birdie at www.littlebirdie.co.uk or contact them at [e-mail]

 

END