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Bilt Uses Banyan Item-Level Data Capabilities to Enhance Rewards Program

Bilt Uses Banyan Item-Level Data Capabilities to Enhance Rewards Program

Bilt joined the Banyan platform to provide additional benefits to its members.

“The addition of Banyan item-level data capabilities opens exciting new opportunities for Bilt and its rewards network partners to power ever more relevant, tailored and unique rewards and benefits experiences for members,” Banyan said in a Tuesday (June 4) blog post.

The Bilt Rewards program enables consumers to earn rewards on rent payments and daily neighborhood spend, according to the post.

By using any debit card or credit card linked to their Bilt account, consumers can automatically earn Bilt Neighborhood Rewards and gain access to benefits in their neighborhood at restaurants, on Lyft rideshare, at fitness studios and more, the post said.

They can also redeem Bilt Points for travel booked through Bilt’s platform, transfers to airline and hotel loyalty programs, or toward a down payment on a home, per the post.

The Banyan platform makes item-level receipt data organized, matched and easily accessible so that it can be safely used to power a wide range of commercial and consumer applications, according to the company’s website.

PYMNTS Intelligence found that card-linked offers, which provide special savings or rewards attached to a merchant or a product, are popular with cardholders.

Roughly 2 in 5 cardholders consistently use these offers, and 93% of those who do use them plan to maintain or increase their use of these offers in the next year, according to “Card-Linked Offer Growth Hinges on First-Time Users,” a PYMNTS Intelligence and Banyan collaboration.

Data and technology can enable timely and relevant reactions to marketplace conditions, Michael Budde, chief operating officer and chief financial officer at Banyan, wrote in the PYMNTS eBook, “The Implications of Uncertainty: Middle Market Companies Reckon with Risk and Reward.”

For example, by amalgamating diverse customer spending datasets, Banyan’s platform fosters collaboration between merchants and financial institutions, Budde wrote.

“This brings a clearer understanding of purchase behavior at the receipt level and sales revenue attribution at the product or brand level,” Budde wrote. “When a consumer checks out at the local grocery, that consumer is making one decision that is the culmination of many item-level decisions which bring insights to the merchant, the bank and the consumer in a way that promotes a more personalized experience.”