Rewards Builder Implementation for a Major Financial Service Provider

Unlocking the Potential of Vendor Spend: Empowering Relationship Managers with Accurate Vendor Information and Cashback Rewards

Business Problem

Major financial services company that provides a variety of products and services to customers, including credit cards, loans, and investments. The company has a large team of Relationship Managers (RMs) who work closely with customers to understand their financial needs and help them select the products and services that best meet those needs. However, the company faces a challenge in that it has a large number of vendors that it works with, and it can be difficult for RMs to keep track of all of the different vendors and the products and services they offer. To address this, the company is implementing a new system that will provide RMs with accurate and up-to-date information about the vendors and also provide a cashback or rewards program for the customers. This new system will help RMs make more informed recommendations to customers and ensure that they are aware of all of the products and services that are available to them.

Business Solution

To address this challenge, financial services company has decided to implement a new application called Rewards Builder. This application will provide RMs with accurate and up-to-date information about the vendors that the company works with. This system will include detailed information about each vendor, including the products and services they offer, pricing, and any special promotions or discounts that may be available. Additionally, the system will allow RMs to search for vendors based on specific criteria, such as the type of products or services offered, location, or industry.
 
The application will also provide RMs with information about the rewards and cashback that customers can earn based on their spending amount. This will be done by invoking Visa and I2 APIs to retrieve data and validate it for the end-user.
 
In addition to providing accurate vendor information, the Rewards Builder application will also help RMs to inform customers about the cashback/rewards program and how they can take advantage of it. This new system will help RMs make more informed recommendations to customers and ensure that they are aware of all of the products and services that are available to them. By providing accurate vendor information and cashback/rewards program, financial services company will be better able to meet the needs of its customers and grow its business.

Technical Solution

To address the challenge of providing accurate vendor information and cashback/rewards program to its customers, financial services company decided to implement a new client-facing application called Rewards Builder.
 
The application is built using Angular JS as the front-end framework, Java as the back-end programming language, and is hosted on AWS. The application uses a Postgres database to store vendor information and utilizes the inbuilt Chassis framework for creating the application structure. To ensure the accuracy of the vendor information, the application talks to APIs like Visa and I2 to retrieve and validate data for end-users.
 
The Relationship managers can use the Rewards Builder application to retrieve vendor information and present it to the end-users with confidence. The application also includes a feature that calculates the amount that customers can spend and the amount of cashback/rewards they can earn.
 
To ensure smooth deployment, automated tools like Bogie, Jenkins, and Docker are used for testing, building, and deploying the application. This approach ensures that the application is reliable and scalable, allowing financial services company to better meet the needs of its customers and grow its business.
 
Customer Success Outcomes:
 
With the implementation of the Rewards Builder application, financial services company customers are now able to make more informed financial decisions. The application provides accurate and up-to-date information about the vendors that the company works with, including the products and services they offer, pricing, and any special promotions or discounts that may be available. This allows customers to find the best products and services to meet their specific needs.
 
Additionally, the application's rewards and cashback feature allows customers to earn rewards based on their spending amount. This added benefit motivates customers to spend more and enhances the loyalty towards the company.
 
The Relationship managers also benefit from the application as they now have access to accurate vendor information and can easily search for vendors based on specific criteria. This allows them to make more informed recommendations to customers, which in turn helps to build trust and strengthen customer relationships.
 
Overall, the implementation of the Rewards Builder application has greatly improved the customer experience for financial services company. Customers are now able to find the best products and services to meet their needs and earn rewards for their spending, while Relationship managers are able to make more informed recommendations to customers, which helps to build trust and strengthen customer relationships.

 

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