The cost of living crisis has left many Brits in a state of shock, with many feeling like they have lost control over their finances. To give power back to the people, Cheddar, the UK bank-powered rewards app, has re-launched its loyalty app with seamless cashback capabilities.
Cheddar 2.0 ensures consumers get cashback without any clunky experiences or long wait times. It also provides personalised recommendations based on their spending patterns. It also gives consumers the power to split bills with anyone – regardless of their bank. As a result, long or awkward exchanges are no longer needed to acquire the other person’s bank details.
As if that already wasn’t enough, Cheddar 2.0 is offering a new cash bonus referral feature, to quickly introduce others to effective ways to save.
Luke Ladyman, COO and co-founder at Cheddar says: “With the cost of living crisis eroding consumer purchasing power, people need a financial companion to help them spend smarter. Our new app harnesses the benefits of open banking infrastructure and the latest artificial intelligence.
“Consumers are empowered to use their spending data to strengthen their finances by accessing instant savings almost every time they shop. We look forward to accelerating our reach across the UK. Especially as we extend our partner base to become the UK’s number one and most innovative personal finance app.”
Open banking can generate non-stop savings
Available to UK residents nationwide, the new app ensures consumers never pay full price again. It links their bank accounts and credit cards to access saving solutions relevant to their spending. New rewards are available on the app at higher return rates from 150+ retail giants, including Amazon, ASDA and Costa. The app makes sure consumers make abundant savings on essential spending like groceries and fuel.
The app leverages open banking data and interprets user spending habits to match the most relevant options with the right consumers. This spending information – combined with Cheddar 2.0’s strategic brand placement – ensures key partners are kept firmly in the spotlight. Also, these functionalities means all brands can reach high-value new and existing customers and drive loyalty to maximise revenue.
Francis Bignell
