National Payment Corporation of India (NPCI) has rolled out its own business intelligence and analytics enabled omni-channel multi-branded loyalty platform called ‘nth Rewards’. The newly launched platform will allow users to earn ‘nth’ reward points and provide instant redemption of reward points on maximum purchasing options. This loyalty program will enable banks in engaging as well as retaining the bank customers. Hence, the program will also induce the habit of digital payments among customers and will also provide them a sense of personalization by rewarding them in the right way.
About National Payment Corporation of India (NPCI):
NPCI is an umbrella organization which operates retail payments and settlement systems in India. It has created a robust payment and settlement infrastructure in the country. It was incorporated in 2008 and focused on bringing innovations in the retail payment systems through use of technology.
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What is “nth Rewards”?
“nth Rewards” is a business intelligence and analytics enabled omni-channel multi-branded loyalty platform launched by the NPCI. The platform will enable users to earn ‘nth’ points through various bank transactions. It will also offer them opportunity to redeem the earned points quickly via various exciting products, E-Vouchers, donations, hotel and flight bookings. The platform also comprises of a smart dashboard which will enable users to see their points accumulation, redemptions and will also provide access to all the offers and rewards. These loyalty points can be earned by the users on almost every transaction made digitally, especially while using the credit and debit cards.
Working of the NPCI’s Omni-Channel Loyalty Platform:
‘nth Rewards’ is operated on four key pillars to offer an all new way of loyalty rewards to the customers:
- “Nth Rewards” comprises of the Loyalty Engine which enables the consumers to earn points from different transactions made by the user across all the digital transactions of the bank. It will allow the banks or merchants to reward the behavior they would like to drive loyalty for and evaluate the same regularly.
- The Analytics & Business Intelligence offers real-time access to product portfolio as well as the campaign performance. The personalized dashboard on the platform will provide actionable insights to banks with the help of Business Intelligence (BI) and these insights will help the bank in identifying the right audience to maximize returns on their marketing spends.
- The Offers & Rewards platform will make customer-specific offers which will be extended to the users at the right time and right place with the help of geo-tagged marketing. The customers with the Rewards Platform will be able to use their earned points across different categories such as travelling, entertainment, gifts, recharge, etc.
- The Campaign manager would be responsible to provide real time communication to consumers via SMS and email. It will also provide a user-friendly omni-channel campaign module to banks.
The NPCI’s Omni-Channel Loyalty Platform “nth Rewards” will help the banks to engage as well as retain its customers. It will also provide opportunity of easy earning and instant redemption of reward points on maximum purchasing options. Hence, it will help the organizations in making long term engagement with their valued customers. It will also inculcate the habit of digital payments among customers.
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