Custom Cash Back

Demo

Inspiration

One of the biggest challenges that banks face today is ensuring high levels customer satisfaction. To do this, banks must work to engage their customers in ways that will make the customer feel acknowledged and understood on an individual level. This can be accomplished in a multitude of ways, such as offering free financial consultation or incorporating a reward points system for making transactions. We have chosen to develop Custom Cashback, a rewards system that individualizes the types of categories that receive cashback based on the customer’s transactions.

What it does

In our Custom Cashback program, the customer has fixed rate cashback per month that can be distributed among the categories they have the most transactions in in a given month. For example, a 5% cashback rate could be distributed among categories in which at least 10 transactions took place in that month. So each category could receive 1% cashback, or perhaps the first category to reach 10 transactions can receive 2.5% cashback, the next can receive 1.5, and so on.

How we built it

We used Capital one's API to gather data on consumer spending. We then mined that data to extract spending categories and frequency in which customers spent in those categories. Using this information we implemented our particular mock banking policy.

Challenges we ran into

We ran into issues finding the threshold at which to define categories. The categories were pulled from the merchants' descriptions; however, certain descriptions were too specific i.e. ice cream rather than food.