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Rewarding shoppers with brand ownership: Bumped expands with a new browser extension
Brand loyalty is no longer simply tied to a good product. Firms seek deeper connections with individual customers to build dependable retention and stickiness. This has created a world where brands not only want to ideologically align with their target market and facilitate their specific purchasing habits but also reward them for their loyalty.
All sorts of methods have been tried and tested with rewards programs — like awarding points on purchases, or offering discounts on partner brands. Portland, Oregon-based Bumped took things one step further and built a network that rewards customers with equity at the brands they shop from. The firm likens this to “bringing Wall Street to Main Street”.
As of this month, the Bumped network has expanded to include a browser extension -- that notifies online shoppers every time their purchase is eligible for a stock reward.
The latest briefing
Lending Briefing: BNPL regulation and the growing digital lending market
The Buy Now, Pay Later space is growing aggressively, on track to jump 5x in two years to $100 billion in retail purchases in 2021. But to ensure sustainable growth in the BNPL sector and protect consumers, regulation is urgently needed, a new research paper led by Marshall Lux at Harvard Kennedy School suggests.
Lux is a thought leader in financial services, with over three decades of experience as a consultant and practitioner. He also served as JPMorgan Chase’s Chief Risk Officer of consumer products during the global financial crisis.
In his research and our conversation, Lux expressed concern about how consumers could be affected by the mostly unregulated BNPL market.
Read more (exclusive to Outlier members)
Just look at the charts
1. Crypto trading infrastructure is catching up to traditional equity trading infrastructure
Source: Steve McLaughlin FT
2. Mortgage payments are becoming unaffordable due to rising rates and high home prices
Source: Markets & Mayhem
Today's stories
Robinhood to lay off 9% of full-time employees
Retail brokerage firm Robinhood is cutting back staffing levels, citing “duplicate roles and job functions” after rapid expansion last year -- due to shares falling more than 5% in extended trading (CNBC)
Fiserv launches AppMarket
Payments and financial services tech solutions provider Fiserv launched AppMarket, which gives FIs access to a curated set of fintech solutions that can help them reach new customers, operate more efficiently, and compete more effectively (PYMNTS)
Fidelity to soon have a Bitcoin option on its 401(k) plans
Fidelity, the largest retirement plan provider in the US, announced plans to offer Bitcoin in 401(k) retirement accounts later this year (TechCrunch)
Challenger bank Starling now valued at £2.5 billion
UK digital bank Starling’s valuation has doubled to more than £2.5 billion after the start-up raised £130.5 million “to build a war chest for acquisitions” (PYMNTS)
"Stripe Partner Ecosystem" by Stripe
Stripe launched the Stripe Partner Ecosystem, a new partner program with leading firms whose services enable Stripe users to thrive in the internet economy (Finextra)
Crypto industry's fierce opposition against NY Assembly's latest bill
The New York Assembly passed a bill to block new crypto mining facilities using non-renewable energy sources from setting up shop in the Empire State (CoinDesk)
TD is hiring for its South Florida tech hub
TD Bank is to hire 200 staff for a new technology hub in South Florida, part of the bank's commitment to growing its IT team with the creation of 2000 new roles in 2022 (Finextra)
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