Tail London based fintech
“Using Tail, customers can browse through a selection of curated offers, which are pre-linked to their bank card, eliminating the need for physical vouchers or voucher codes. The offer feed is updated in real time and place specific. Redemption happens in-app, allowing for a more discreet way of redeeming offers, and accumulated savings are spread back to the user in the form of money back paid out in regular periods”.Tail London based fintech with goals for open banking.
“There’s no EPOS integration or codes required, no personnel involvement whatsoever, they do not have to download an app and we monitor the redemption stats to them,” he says. “The merchant offers card details and tells us exactly what type of effort she wants to operate, the discount and the applicable times”.
My takeaway: Open Banking will be not suitable, based on how comfortable you are with granting programs access to your banking information.
The program, functioning London only and originally available for iOS, provides discounts at nearby places to eat and drink, all linked with and delivered every week in the shape of cashback. However, the draw is how seamlessly everything happens, by being constructed on top of digital-only challenger bank Starling’s API, with Monzo integration also in the works.
This implies that it is as simple as granting the Tail app access to a Starling bank account, a one tap procedure akin to Facebook or Twitter log-in, presuming that you are already a customer of Starling. As soon as you’ve agreed to a set of permissions — which may be a bit daunting initially, despite the fact that they are easily revoked inside the Starling program at any time — any offers that pop up at the Tail app can be redeemed simply by using your Starling MasterCard in the corresponding retailer.
Tail- London based fintech startup that provides a glimpse to the guarantee of Open Banking. This is seeing forthcoming legislation in the EU and U.K. force banks to offer third-party programmer access to your bank accounts data — with your consent, of course.
“Tail is turning open banking APIs into an offer platform, thus eliminating all friction points for retailers and consumers which are still inherent in today’s solutions,” Tail founder and CEO Philipp Keller, who had been formerly at Morgan Stanley, tells me.
“We’re seeking to turn this to a self-serve platform at some point. At that point it will be even easier; simply insert campaign type (first-time customers, off-peak hours, etc) and then enter card details,” he adds.
No vouchers or receipt perhaps or scanning having to tell Tail the bank card or account number you desire your cashback deposited. And, presumably, after your Starling card has died (or is stolen or lost), you won’t need to manually connect your new card to Tail since it will simply pull the new card info via the challenger lender’s API.
Could include a merchant putting an offer for another 30 minutes up through an lull in footfall, or offering 50 per cent off on a rainy afternoon.
Meanwhile, along with making it super convenient for clients to find and redeem offers, the Tail London based fintech CEO reckons it’s addressing a number of retailer pain points also, and thus opening up this sort of offers platform to smaller independents right down to the Long Tail.
Moreover, new tools, such as real-time flash campaigns or “sequenced provides,” help to address specific issues such as spare capacity utilisation and new customer acquisition more effectively.