How AI & Gamification Drove €210M in Banking Deposits | Podcast – Perx Unscripted

A win for AI + Gamification, driving €210M in banking deposits

This episode explores how a leading European bank is revolutionizing customer engagement with AI and gamification. By integrating AI-driven financial insights from Strands with Perx’s gamified loyalty solutions, the bank transformed digital banking into an interactive, rewarding experience—resulting in €210M+ in increased deposits and 1.4M+ additional transactions.

We break down how personalized rewards and gamified challenges are reshaping banking—making finance more engaging while giving customers greater control over their finances. Tune in to discover how AI and gamification are driving real business impact and empowering smarter financial decisions.

Our partnership with Perx was deeply influenced by their standout experience in banking and progressive customer engagement and monetization platform. We see Perx not just as a service provider but as a key partner whose platform will enrich our digital banking services, offering our customers a genuinely rewarding experience.

Zein Malhas

CEO

Blink by Capital Bank

One of our key enablers to achieve our customer acquisition targets through gamified engagements that deliver relevant & personalised rewards for customer actions

Ming Chen

General Manager Digital & Strategy

Commonwealth Bank

The platform has enabled us to create an instantly rewarding digital banking experience. Perx is deepening our relationship with our customers through an immersive and rewarding user experience

James Ong

Chief Commercial Officer

Trust Bank

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Your Engagement Strategy is Ghosting Your Revenue and Your CFO Hates It.

Your Engagement Strategy is Ghosting Your Revenue and Your CFO Hates It — Here’s how to fix it.

Creating Exceptional & Memorable Experiences with Gamification

Amrith G.

SVP, Marketing & Customer Analytics | Feb 12, 2025

Let’s be honest—brands have been ghosted by their own loyalty engagement platforms for years. You invest in fancy dashboards, watch the clicks roll in, see some impressive vanity metrics… and then? Crickets. No revenue boost, no meaningful customer actions, just a high-score leaderboard of “likes” that mean absolutely nothing to your bottom line.

But in 2025, brands can’t afford to settle for just engagement. They need impact—the kind that adds a few zeroes to their revenue, not just their analytics reports.

The Evolution of Customer Rewards

Traditionally, customer loyalty programs have focused on transactional rewards like points, discounts, and cashback for purchases. However, as customer preferences have evolved, these strategies are proving less effective. Today’s customers crave experiences that resonate emotionally, allowing them to feel recognized, valued, and truly heard by the brand.

To illustrate this shift, here’s an infographic:

The Engagement Illusion:  Why Clicks Don’t Pay the Bills

Marketers have been sold the dream: more visits, more clicks, more impressions = more revenue. Sounds good, right? Until you realize that a 500% increase in ‘likes’ won’t cover payroll.

Take a look at the traditional engagement model:

More traffic to your website
More app installs
More clicks on that “spin-the-wheel” campaign
No meaningful revenue impact

Meanwhile, your finance team is staring at the numbers, wondering why marketing is celebrating a million new visitors who spent exactly $0.00.

The problem? Engagement for engagement’s sake is a dead-end. It’s time for a new model—one where brands see real financial returns from their customer engagement efforts.

Engagements That Actually Moved the Needle in 2024

So what does real engagement look like? Numbers that CFOs actually smile at. Here’s how the top 5 brands that trust Perx turned interactions into revenue, customer retention, and growth in 2024:

$138.9M

in topline
contribution

That’s revenue generated,
not just influenced.

$1.1M

net-new customers
acquired

Not just traffic, but actual paying customers.

$55.8M

in new in-app
transactions

Because engagement
should drive transactions,
not just attention.

$59.5M

globally engaged
consumers

At scale, without breaking
the system.

99.94%

campaign
uptime

Because engagement
shouldn’t vanish like a New
Year’s resolution.

And here’s the mic-drop moment: 
💥 Customer-brand touchpoints surged from 6 billion to 8.3 billion in 2024 alone.

“That’s 2.3 billion new interactions in just one year.”

2.3 billion
additional moments of top-of-mind brand recall

2.3 billion
nudges, gamified interactions, personalized rewards

2.3 billion opportunities to convert, retain, and grow customer value

The Secret Sauce: AI, Agility & Immediate Impact

Here’s the real differentiator: it doesn’t take months of development cycles and IT approvals to make this happen. The winners in this space are launching campaigns in minutes, not weeks.

Picture this:

DAY 01

Your marketing /product team huddles in the morning to brainstorm a new campaign.

DAY 02

They launch the campaign the next day.

DAY 03

Customers start engaging before the same day.

DAY 04

By the time finance checks the numbers, you’re already witnessing campaign ROI trickling in.

That’s the level of agility that separates the brands growing their topline from the ones still sending email blasts into the void.

2025: The Year of Revenue-Driven Engagement

platforms must go beyond vanity metrics. Gartner has already called it—brands need to integrate customer engagement with revenue-driving actions to see long-term success. The real engagement playbook for 2025 includes:

Real-time rewards that nudge customers toward transactions

AI-powered agility that ensures your campaigns are relevant now, not six months from now

  Gamified experiences that make spending (and saving) fun

Data-driven insights that optimize your strategy, not just count clicks

The Bottom Line: No More Marketing Karaoke

It’s time to retire the old engagement model—brands need platforms that don’t just sing the song of engagement but actually make the cash register ring.

So as we step into 2025, the question isn’t whether your brand should prioritize engagement. The real question is: Are you engaging in a way that actually pays off?

If your engagement platform isn’t giving you measurable topline growth, it might be time to swipe left.

Ready to Elevate Your Engagement Strategy?

Let’s talk about turning customer actions into cash. Book a demo today and see how our engagement solutions can help you drive revenue and growth.

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Discover Perx’s Maker-Checker Workflow | Streamline Operations & Ensure Compliance

Perx Maker-Checker: Bringing the
4-Eyes Principle to You

Shriram Venugopal

Sr Product Manager| Jan 29, 2025

When every decision your organization makes carries weight—accuracy, compliance, and security aren’t just nice-to-haves; they’re critical. That’s why we designed the Maker-Checker Workflow, a robust feature that ensures every action is reviewed, verified, and executed with precision.
Imagine being able to prevent errors, minimize fraud, and stay compliant—all while maintaining seamless operations. Whether you’re issuing rewards, creating campaigns, or managing bulk actions, our Maker-Checker Workflow empowers your team with the tools they need to work smarter, not harder.
Curious to see it in action? We’ve created a short demo video that walks you through how it works and why it’s a game-changer for your business. In under a few minutes, you’ll see how this simple yet powerful feature can enhance collaboration, reduce risks, and ensure everything runs like clockwork.

Don’t wait—unlock the power of Maker-Checker today and take the first step towards better control and peace of mind.

Sign me up

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Transforming Engagement: Focusing on Metrics that Drive ROI

Unlock Revenue Growth by Mastering Engagement ROI

Gillian Setiawan

MarTech Blogger | Jan 15 , 2025

Is your customer engagement strategy costing more than it’s delivering? If you’re unsure, you might be measuring the wrong metrics.

In today’s BFSI (banking, financial services, and insurance) sector, brands are investing heavily in loyalty programs and engagement tools. However, many fail to link these investments to measurable revenue growth and ROI.

Often, the disconnect lies in how engagement is evaluated. Too frequently, vanity metrics, like social media likes and app downloads, are prioritized over those that impact the bottom line. So, how can brands shift their focus to what really matters?

Vanity vs. Actionable Metrics: Understanding What Matters

Measuring customer engagement is integral to firms aiming to enhance user experiences. But, focusing on metrics that don’t provide actionable insights leads to wasted effort. As such, understanding the distinction between different types of metrics is then key.

Vanity Metrics

Vanity metrics may look impressive at first glance, giving the illusion of success, but they fail to provide real insights into business performance. These metrics fail to help companies fine-tune their strategies, ultimately leading to missed opportunities.

For example, social media follower counts. While having a large following can look impressive on a dashboard, it doesn’t guarantee sustained engagement or increased sales. A company may have 100,000 followers, but if only a small fraction interacts with posts or converts to paying customers, that large number is ultimately meaningless.

Actionable Metrics

Take customer lifetime value (CLV) as an example. CLV measures the total revenue a business can expect from a customer throughout their relationship. By combining this metric with a customer’s engagement patterns, companies can create personalized experiences that foster loyalty and long-term profitability. Armed with this data, a business can then prioritize high-value customers, segment its audience, and craft tailored marketing campaigns that better resonate with specific customer segments.

Actionable metrics, on the other hand, are what really drive decision-making and revenue growth. These metrics allow brands to see exactly what works and what doesn’t, enabling them to tweak marketing strategies accordingly.

Why Do Some Marketers Opt for Vanity Over Actionable Metrics?

Time Constraints

Marketers are often under pressure to deliver immediate results. With tight deadlines looming, vanity metrics like social media likes or follower counts are often easier and faster to report.
Challenges of Accurate Attribution

In today’s multi-channel environment, customers interact with brands across various touchpoints, making it difficult for marketers to accurately attribute which actions directly lead to desired outcomes. This complexity often leads marketers to default to vanity metrics, as they offer a straightforward narrative that feels easier to report, despite not accurately reflecting customer behavior or engagement.

Best Practices for Measuring ROI

To effectively measure the ROI of customer engagement initiatives, here are some key strategies BFSI brands can implement:

Establish Clear Objectives

Defining what success looks like and aligning objectives with overall business goals ensures a focus on metrics that truly matter. For example, if the objective is to boost engagement, metrics like engagement rate or conversion rate would be key. If the goal is customer retention, then customer retention rate or satisfaction should be prioritized.
Utilize Advanced Analytics

Harnessing data analytics tools is critical for gathering actionable insights.While basic analytics tools canoften be found on website platforms or social media accounts, advanced software solutions provide deeper insights into customer behavior. Tools like augmented analytics platforms, for example, offer predictive insights, helping brands understand not only what is happening but also why it’s happening and what’s likely to happen next.

Continuously Monitor and Adjust

Regularly reviewing customer engagement data and making necessary adjustments keeps business strategies agile and responsive to evolving trends. For example, tracking metrics like conversion rates or customer engagement scores in real-time allows brands to pivot and adapt campaigns based on performance, staying ahead of the curve.
Invest in Training

Training employees to understand the value of actionable metrics over just vanity ones is essential. By ensuring that teams can distinguish between the two types of metrics, businesses can foster a more strategic, data-driven approach to decision-making, thereby driving better bottom-line results.

A Case Study: Boosting ROI with Perx

Launched in 2022, the leading neo-bank in Singapore rapidly distinguished itself as one of the world’s fastest-growing digital banks, attracting over 700,000 customers (14% of Singapore’s bankable population).

Looking to enhance customer acquisition and retention, the bank collaborated with Perx to develop an innovative gamified engagement strategy utilizing automated Stamp Cards. This initiative created an interactive in-app experience that incentivized customer transactions, while the Perx rule engine facilitated ongoing engagement by rewarding users for completing specific actions.

To assess the impact on ROI, the bank closely monitored key performance indicators (KPIs) such as card usage, product adoption, and customer referrals. As a result, the bank experienced significant increases in product adoption, more consistent card usage, and a marked surge in customer referrals. Most notably, the bank achieved a 33x reduction in customer acquisition cost (CAC) through Perx’s effective referral campaign mechanics. Recognizing these successes, the bank has continued its partnership with Perx, confident that the platform continues to enhance its KPIs.

Overall, this success story underscores how a well-executed marketing strategy, guided by clear KPIs, can provide valuable insights into campaign performance and ultimately drive impressive returns on investment.

Conclusion

While investing in customer engagement tools is a critical first step, the true value comes from understanding how to measure their impact. Ultimately, BFSI brands that focus on actionable metrics, such as customer lifetime value and retention rate, can better link their engagement strategies to tangible business outcomes, driving both revenue growth and long-term customer loyalty.

The Perx Advantage

At Perx, we specialize in helping brands turn engagement into measurable results. Our gamified campaigns, loyalty programs, and strategic partner and reward management solutions guide customers toward actions that generate real revenue. With our augmented analytics platform, we also go beyond vanity metrics to help you measure real business impact.

Ready to boost your ROI? Book a demo today and see how our engagement solutions can help you drive revenue and growth.

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Beyond the Stay: Redefining Guest Loyalty with Innovative Experiences

Beyond the Stay: Redefining Guest Loyalty with Innovative Experiences

Creating Exceptional & Memorable Experiences with Gamification

Gillian Setiawan

MarTech Blogger | Dec 04, 2024

Imagine arriving at a hotel where every moment feels thoughtfully curated. Your smartphone doubles as your room key, check-ins are effortless, and every detail – from room temperature to pillow preferences – is tailored just for you.

While these conveniences once impressed, they have now become industry staples. Delivering efficiency is no longer enough to set a brand apart. To truly captivate today’s guests, hotels must create emotional connections by offering unique, memorable experiences.

So, how can your brand stand out and leave a lasting impression?

The New Era of Hospitality: Rising to Guest Expectations

Modern travelers expect effortless, personalized interactions throughout their journey. Features like contactless check-ins and self-service options have become essential. By 2028, an estimated 76% of travelers will book trips online, favoring convenience and tailored services. A 2023 VingCard report also revealed that 90% of guests now prefer managing their stays digitally, reducing human interaction while maximizing control.

As these preferences reshape the guest experience, the challenge for hospitality brands is no longer about meeting expectations but about exceeding them. To stand out, brands must move beyond basic services to craft moments that are memorable, emotionally engaging, and unique.

The Key to Memorable Experiences: Utilizing Gamification

With markets like Greater China projected to grow from $86.66 billion in 2024 to $128.04 billion by 2029, competition in the hospitality sector is fierce. The key to differentiation lies in delivering unforgettable experiences, and gamification offers a powerful solution. By tapping into human psychology, gamification turns everyday interactions into engaging, rewarding moments that resonate with guests on a deeper level.

Why Gamification Works

Gamification doesn’t just enhance the guest experience; it transforms it.

Gamification,Concept,For,Smartphone,Applications.,Group,Of,People,Interacts,With

By creating opportunities for interaction, recognition, and rewards, brands move beyond transactional relationships to build emotional loyalty. Guests don’t just stay at a hotel; they become part of a journey, forging connections that inspire repeat visits and positive word-of-mouth.

How Gamification Enhances Guest Loyalty

Using Yu-kai Chou’s Octalysis Framework, that identifies 8 core drives behind human motivation, hospitality brands can build immersive experiences by applying these core principles:

Epic Meaning & Calling: Guests want to feel part of something greater.

Example: Create an exclusive eco-luxury initiative: Partner with environmental organizations, offering guests rewards for contributing to conservation efforts, such as funding the planting of trees or supporting coral reef restoration. Guests receive digital certificates and recognition for their contributions.
Development & Accomplishment:Achieving goals and earning recognition.

Example: Introduce a tiered luxury rewards program: Guests move through levels like “Silver,” “Gold,” and “Platinum,” unlocking personalized services such as private butler service, access to exclusive events, or complimentary spa treatments at higher tiers.
Empowerment of Creativity & Feedback:Guests value opportunities to express creativity and receive feedback.

Example: Offer a tailored dining experience: Allow guests to design their own multi-course meals with the chef, including wine pairings, and reward them with a custom recipe book featuring their creations.
Ownership & Possession:Guests value what they feel they own.

Example: Provide a personalized digital concierge platform: Guests can customize their stay in advance—choosing room fragrances, pillow types, and curated amenities. Upon departure, guests can retain access to their digital preferences for future visits.
Social Influence & Relatedness: Guests thrive on social connection and recognition.

Example: Host exclusive guest-only soirées or masterclasses: Invite guests to mix with other elite travelers or learn from experts, such as wine sommeliers or renowned chefs, creating memorable shared experiences.
Scarcity & Impatience: Limited availability drives desire.

Example: Offer limited-time access to rare experiences, such as private yacht trips, tickets to exclusive cultural performances, or one-night-only culinary events with celebrity chefs.
Unpredictability & Curiosity: enjoy surprises and exploration.

Example: Introduce a mystery upgrade program: Randomly surprise select guests with unexpected perks, such as complimentary suite upgrades, access to the spa’s most exclusive treatments, or a surprise bottle of vintage wine delivered to their room.
Avoidance & Loss: Fear of missing out (FOMO) drives action.

Example: Highlight expiring benefits or limited availability of ultra-luxury packages, such as a time-sensitive private island escape or exclusive access to a Michelin-starred restaurant experience.

Conclusion

The future of hospitality lies in crafting emotional connections that guests will remember long after their stay. Gamification offers the perfect pathway to transform routine visits into remarkable adventures, ensuring your brand stands out in a crowded industry.

Are you ready to redefine guest engagement? Let Perx help you create unforgettable journeys that foster loyalty and elevate your brand. Book a demo today to see the power of gamified experiences in action!

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Engage and Inspire: Creating Emotional Connections in BFSI and Telco Sectors

Engage and Inspire: Creating Emotional Connections in BFSI & Telco

Creating Exceptional & Memorable Experiences with Gamification

Gillian Setiawan

MarTech Blogger | Nov 19, 2024

Are your loyalty programs genuinely connecting with your customers or merely another transactional interaction?

In a world where customers are flooded with choices, standing out requires more than just offering points and discounts – it’s about forging emotional connections that resonate, creating lasting memories, and adding real value to the customer’s relationship with your brand.

The Evolution of Customer Rewards

To illustrate this shift, here’s an infographic:

INFOGRAPHIC

	Traditional Reward Programs	Modern Reward Programs
Objectives	To convince repeat purchases.	To create memorable & lasting memories, thereby fostering long-term customer loyalty.
Characteristic Focuses	Simplicity: Easy for both consumers and the company to understand & use. Direct Rewards: Transactional rewards for continued patronage. Consistency: Setting reliable and clear expectations for customers.	Personalization: Freedom to select from a range of rewards, allowing customers to tailor their brand experience. Interest: Includes interactive features (e.g., games, social sharing, progress tracking) for memorable experiences.
Comparisons	Lack of Customer-Data Use More Direct Rewards Collection Systems Only Offers Direct Rewards (Less Variety)	Heavily Relies on Customer Data More Engaging Technological Integrations (e.g., Gamified Elements) for Fun Rewards Collection Journeys Greater Variety of Rewards to Choose From
Examples of Rewards	Gift Cards, Vouchers, Discounts, Points, Miles, etc.	Personalized Offers, Upgrades, Priority Lanes, Suggestions, etc.

Best Practices to Create Emotional Connections via Rewards

As customer expectations evolve, brands must embrace innovative approaches that not only address the demand for modern rewards but also cultivate deeper emotional connections within their loyalty programs. With this in mind, here are some best practices for how brands can forge stronger emotional ties with their customers:

Goal-focused,,Increase,Motivation,,Way,To,Achieve,The,Goal,,Support,And

Utilize Gamification

Incorporating gamification into loyalty programs can significantly elevate customer engagement through rewards. By transforming mundane interactions into exciting experiences, gamified elements like challenges, badges, and leaderboards reward customers for their participation and achievements. This not only captivates them in the moment but also fosters a sense of loyalty that endures over time.
Personalize Customer Rewards & Experiences

Tailoring rewards and experiences to align with each customer’s unique preferences and behaviors ensures that they feel acknowledged and valued. By leveraging data analytics, you can deliver personalized rewards that resonate more deeply with individual customers. This approach strengthens the emotional bond with your brand, making customers less likely to switch to competitors.
Encourage Social Interactions

Creating opportunities for customers to engage with one another and share their experiences gradually fosters a sense of community and belonging. By establishing platforms for sharing achievements or rewarding referrals, you can enhance the emotional connection customers feel toward your brand, motivating them to remain loyal as they celebrate alongside their peers.
Create “Surprise & Delight” Moments

Occasionally surprising customers with unexpected rewards or gestures of appreciation is crucial for fostering lasting loyalty. These “surprise and delight” moments create memorable experiences that set your brand apart from competitors, deepening customers’ emotional connection and engagement.
Engage in Real-Time

Engaging with customers in real-time enables you to deliver timely nudges, rewards, and support precisely when they need it. By utilizing push notifications and personalized messages, you can provide the right message to the right audience at the right moment. These subtle prompts during critical moments enhance the customer experience and reinforce your commitment to meeting their needs.

The Perx Advantage

To effectively implement these best practices, brands can harness the power of innovative solutions like Perx, designed to enhance customer engagement and foster meaningful connections. Here’s a closer look at the Perx Advantage:

Data-Driven Personalization & Rewards Management:

Streamlining reward management with Perx’s digital rewards marketplace allows marketers to easily access curated rewards with just a few clicks, while seamless automation tracks inventory in real-time. Combined with Perx’s robust data analytics tools, brands can craft tailored experiences and rewards that resonate with customers’ unique preferences and behaviors, evoking positive emotions and making them feel valued—all while simplifying the entire reward process.
Advanced Gamification:

Integrating gamification into loyalty programs with Perx encourages customers to engage in fun activities, such as social sharing and product reviews. By designing milestones or stages, marketers can tailor each customer’s journey and offer game-based rewards that match the significance of each of their actions. These interactive experiences surprise and delight, guiding customers through a digital quest filled with personalized incentives that enrich their overall brand experience.
eMind™:

Leveraging Perx eMind™ transforms customer engagement and loyalty programs through its revolutionary AI-powered tools. By combining artificial intelligence with behavioral science, businesses can gain deeper insights, generate creative campaign ideas, and optimize strategies for maximum impact. With eMind™, brands make data-driven decisions that resonate with their customers, staying ahead of the competition and driving meaningful engagement.

Ready to create emotional bonds that last? Book a demo today and discover how our engagement solutions can inspire long-term customer loyalty!

Conclusion

As the landscape of customer rewards continues to evolve, brands must adapt to meet the emotional needs of their customers. By embracing the strategies outlined above and leveraging Perx’s innovative platform, brands can forge meaningful emotional connections that foster long-term loyalty. Welcome the shift from transactional rewards to experiential engagement, and watch as your customer relationships flourish!

References

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Turning Transactions into Adventures: How Strands & Perx Drive Gamified Banking Journeys

In today’s digital-first world, capturing and sustaining customer attention is more challenging than ever. Financial institutions are finding innovative ways to engage users, with gamification emerging as a powerful tool to enhance customer loyalty and financial wellness. In partnership with our partners, Strands, we recently hosted an engaging webinar exploring how gamified experiences can elevate financial interactions, encouraging users to build healthy financial habits.

If you missed the session or would like to revisit key insights, we’re excited to share the webinar recording below. Dive in to discover how gamification, combined with actionable financial insights, can shape the future of customer engagement.

Key Takeaways from the Webinar

During the session, Strands’ Product Owner, Can Hamaloglu, and Perx Technologies’ Solution Consultant, Elia Wenger, discussed the combined impact of financial insights and gamified actions, covering topics like:

How real-time insights can empower customers to achieve financial goals
Ways gamification can drive lasting engagement and loyalty
Practical examples of how gamified experiences can translate into meaningful, positive financial behaviors

Dive Deeper with Our Whitepaper

For a more comprehensive look into gamification’s potential in financial services, check out our latest whitepaper, “The Power of Gamification in Financial Services.” This resource delves into the best practices, success stories, and data-backed strategies to create compelling gamified experiences that drive results.

Gamification is more than a trend—it’s a strategy that, when combined with data-driven insights, can inspire customers to take action, improve financial habits, and build long-term loyalty. Are you ready to level up your banking experience? Book your demo today.

Live Webinar Interactions

How does Perx keep gamified elements fresh and engaging for users over time?

Perx’s product team actively follows trends, especially beyond the banking sector, to introduce innovative game types regularly—sometimes bi-weekly or monthly. This frequent release schedule is designed to keep users engaged. Additionally, Perx’s gamification tools are highly customizable, allowing teams to modify game visuals, themes, or assets to align with specific events, seasons, or holidays, adding a fresh appeal to campaigns.

Who issues the loyalty points, and how does the bank fit into this process?

The bank is central to managing and issuing loyalty points in collaboration with merchants. Through a network of merchant partners, the bank creates a merchant catalog and loyalty schemes tailored to each partner. The Perx platform supports the bank in defining and setting up these loyalty points, allowing easy configuration of rewards, discounts, and multipliers as part of a cohesive loyalty ecosystem involving both the bank and its merchant partners.

Is gamification applicable to all personal finance management (PFM) features?

Gamification can enhance various PFM features, such as tracking carbon footprint, budgeting, and savings goals. As long as there’s a relevant audience and a concept of measurable progress, Perx can gamify the feature, allowing users to interact in a way that aligns with their goals (like saving or reducing their carbon footprint). This flexibility makes gamification adaptable across different personal finance areas.

How can data analytics and predictions benefit customers and merchants on a mobile money platform?

Data analytics enables hyper-segmentation, identifying unique customer needs and preferences. This information fuels experimentation, allowing for A/B testing and optimized gamified journeys. Predictive insights from analytics can tailor the gamification experience, helping users feel engaged in ways that are personally relevant, enhancing both customer satisfaction and merchant outcomes.

Can loyalty points be used with any merchant?

Loyalty points on the Perx platform offer flexibility, enabling customers to redeem points across various merchants or for specific rewards. Points can be applied for cash back, in-house product discounts, or transferred to other programs like frequent flyer miles. Perx supports point-of-sale (POS) integration, allowing customers to redeem points seamlessly at checkout, enhancing convenience and incentivizing loyalty across different participating merchants.

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No Code, No Barrier : Launch without Limits & Bring Ideas to Life for Max Impact

No-Code Builder: Transforming the Way You Innovate

Webinar Recap:
In our recent webinar, we introduced an exciting tool that is set to revolutionize the way businesses approach digital innovation: the Perx’s No-Code Builder. This webinar demonstrated how teams can quickly overcome common roadblocks, such as IT bottlenecks and budget constraints, by using a platform that requires zero coding. Attendees were shown how easily they could create engaging digital experiences, from customer loyalty programs to internal employee engagement apps, using simple drag-and-drop functionality. Real-world examples and live demonstrations highlighted how the platform dramatically speeds up development, empowering teams to launch projects in days instead of months.
Introduction to No-Code Builder
The Perx No-Code Builder is a versatile, intuitive platform that allows non-technical users to bring their ideas to life without the need for complex coding skills. By offering pre-built templates, seamless integration with backend systems, and enterprise scalability, this tool enables businesses to create custom digital experiences efficiently. Whether building web, iOS, or Android applications, Perx’s solution is designed to help organizations deliver innovative products faster, reducing both time-to-market and reliance on traditional IT resources.

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for No-Code Builder Early Adopters Program

Say Goodbye to IT Dependencies
The Perx No-Code Builder is perfect for teams in CX, HR, Product management, and other departments looking to deliver powerful digital experiences without relying heavily on IT resources. Traditional development can be slow and costly, but with Perx, you can skip the wait.
As highlighted in the webinar, the No-code builder enables you to focus on creativity and strategy while minimizing technical dependencies. Whether you’re building customer loyalty programs, employee engagement apps, or interactive portals, the Perx No-Code Builder makes it possible to launch projects faster and with greater flexibility.

Unleashing Creativity with No-Code Development
For many teams, creativity can be stifled by the technical challenges of bringing ideas to life. With the Perx No-Code Builder, those challenges become a thing of the past. The platform provides drag-and-drop functionality and ready-to-launch templates that empower you to build personalized digital experiences without the need for coding expertise. During the webinar, we saw examples of how one can launch robust digital solutions, like a VIP customer loyalty program, in a matter of days. This speed to market is invaluable for teams who need to move quickly in today’s fast-paced business environment.
Real-World Success Stories
One of the most impressive aspects of the Perx No-Code Builder is its ability to simplify even complex workflows. During the webinar, we shared how an intern used the platform to build 11 customer journeys in just one week—showcasing just how accessible and user-friendly the platform is. A few standout examples include:

Employee Wellness Challenge: Participate in weekly wellness activities like step challenges, meditation sessions, or virtual fitness classes to promote physical and mental well-being.

Mandatory Training Completion: Complete mandatory compliance and safety training, such as workplace safety protocols, diversity and inclusion courses, or anti-harassment training.

Feedback Surveys: Complete employee satisfaction surveys to provide feedback on workplace culture, leadership, and career development opportunities.

Performance Appraisals: Submit self-assessments and peer reviews as part of the quarterly performance appraisal process to evaluate job performance and set goals.

Internal Referral Program: Participate in the employee referral program by referring potential candidates for open positions, helping the company source talent.

Security Awareness Training: Complete cybersecurity awareness training to recognize phishing attempts, data breaches, and secure work-from-home practices.

Password Update Policy: Update passwords in compliance with company security policies, ensuring the use of complex, unique passwords across all systems.

Device and Software Updates: Ensure all company-issued devices and software are updated with the latest security patches and software versions.

Data Backup Compliance: Ensure regular data backups for company devices (laptops, mobile phones) are completed and verified according to company policy.

System Health Check Reporting: Participate in system health checks by running automated diagnostics and reporting any issues, ensuring that devices are functioning optimally.

With the Perx’s No-Code Builder, the possibilities are endless—limited only by your imagination.
Built for Enterprises, Ready to Scale
The Perx No-Code Builder isn’t just for small projects. It’s built on Flutter, a leading framework that allows you to generate Web, iOS, and Android applications, ensuring scalability for enterprise-level needs. The platform also supports role-based access control, making it ideal for large organizations managing multiple campaigns across different teams. You can easily customize your projects while maintaining control over every stage of the process.
No Coding? No Problem.
You don’t need to be a developer to succeed with the Perx No-Code Builder. The platform is designed for non-technical users, with an intuitive drag-and-drop interface that allows you to build quickly. If you’re familiar with tools like Figma or PowerPoint, you’ll be able to navigate the Perx platform with ease. For those new to no-code development, training resources and a learning management system are available to help you get started.
Ready to Bring Your Ideas to Life?
The Perx No-Code Builder is revolutionizing the way businesses approach digital innovation. Whether you’re looking to build customer-facing apps or streamline internal workflows, this platform empowers you to innovate faster, reduce costs, and deliver impactful digital experiences. The time to embrace no-code development is now. Break free from IT constraints and bring your ideas to life with the Perx No-Code Builder.

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Live Webinar Interactions

Are there any built-in tools or features for tracking user engagement or app performance within the platform?

Yes, the platform offers an Impact Dashboard that provides analytics on campaign engagement and success. Additionally, the no-code builder integrates with Google Analytics, allowing you to see user behaviors, such as click heat maps and journey analysis. This helps identify areas for front-end improvement based on customer interaction.

What kind of customization options does the platform offer?

The platform supports extensive customization, including brand elements, color schemes, icons, fonts, and page layouts. Advanced features allow users to design on a more granular level, similar to Figma, but tied into the Perx backend for a complete end-to-end app output. This makes the customization capabilities very comprehensive.

Is the no-code builder scalable for large enterprises and more complex digital needs?

Absolutely. The output generated by the no-code builder is based on Flutter, a robust framework that supports iOS, Android, and web applications. This ensures that the platform can meet enterprise standards for large-scale projects and maintain high security standards.

Can web-based applications be supported rather than just mobile apps?

Yes, the no-code builder supports web applications, as well as iOS and Android. The platform allows you to define responsiveness across different screen sizes, from mobile to tablet and full desktop.

What kind of support or training is available for teams completely new to no-code development?

No-code development on this platform doesn’t require coding skills, and the interface is user-friendly with drag-and-drop functionality. Training resources and a learning management system are provided to help new users get up to speed quickly. For advanced needs, initial integration with other systems may require some technical help.

I have no coding experience at all. How long will it take for me to get comfortable using the platform?

The platform is designed to be intuitive, so even those without coding experience can quickly get started. If you’re familiar with basic drag-and-drop tools or applications like PowerPoint or Figma, you should find it easy to learn. There’s also a learning management system available for additional guidance.

If we run over 50 campaigns per month, can partners set up campaigns for us, and can we review before they go live?

Yes, the platform has role-based access control, allowing partners to create campaigns in draft mode. The owner company can then review, approve, or decline the campaigns before they are published, ensuring quality and compliance.

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Meet Perx at the Singapore Fintech Festival 2024

Meet Us at Singapore Fintech Festival 2024

Make Every Interaction Memorable with Gamified Experiences, Limitless Customer Journeys, and Unmatched Loyalty – All Achieved with Zero Code!

Azmeen Ansar

Growth Marketing Manager | Oct 16, 2024

We’re excited to announce that Perx will be exhibiting at the Singapore Fintech Festival 2024, happening from 6-8 November at the Singapore Expo.

As a leader in gamified customer engagement and loyalty solutions, we’ll be showcasing our latest innovation – the No-Code Builder, which enables businesses to launch seamless customer journeys without the need for technical skills. For those who are new to the Singapore Fintech Festival, here’s a quick intro.

About the Singapore Fintech Festival

The Singapore Fintech Festival (SFF) is the world’s largest platform for the global fintech community. Each year, it brings together leaders from finance, technology, and policy to discuss the future of financial services. With over 66,000 attendees from 150 countries, SFF is the hub for exploring the latest trends in AI, blockchain, sustainable finance, and more. It’s a must-attend event for anyone looking to shape the future of fintech.

Meet Our Partner, Strands

At this year’s event, our partner, Strands, will join us at the booth to showcase the synergy between actionable financial insights and engaging customer experiences. Together, we offer a powerful solution that integrates Strands’ AI-driven financial insights with Perx’s gamified rewards, designed to drive customer engagement and enhance financial well-being. Visit our booth to see how we’re shaping financial behavior and fostering stronger customer loyalty.

Schedule a Meeting

Why Visit Our Booth?

At Booth (Booth number: 4J34, Hall 4), you’ll get an exclusive demo of how Perx’s No-Code Builder can revolutionize customer engagement. You’ll also learn:

How a leading neo-bank in Singapore drove $6.6 million in transactions in just 60 days with Perx-powered campaigns.

How a global bank slashed its Customer Acquisition Cost (CAC) by 33x within just two months.

How a regional bank experienced a 70% campaign engagement rate per user over a 60-day period, demonstrating the high effectiveness of gamified campaigns.

Live Demo

In addition to this, watch how Strands and Perx have teamed up to redefine digital banking! Join us to:

Discover how gamification turns routine banking interactions into engaging and motivating experiences aligned with the customer’s financial and lifestyle goals.

Learn how leveraging customer data enables hyper-targeted rewards that drive loyalty and behavior.

Explore successful examples of banks enhancing cross-selling opportunities, promoting financial wellness, and increasing customer retention.

To make it easier for you to find us, check out the floor plan below to locate our booth at the event:

Let’s Meet at SFF 2024!

We’d love to discuss how Perx Technologies and Strands can help your business achieve its customer engagement goals. Click the button below to fill out the form and schedule a meeting with us during the event.

Schedule a Meeting

In case you don’t have a pass yet, we can help you out. Reach out to us to get a 50% discount on your delegate pass.

Looking forward to meeting you at the Singapore Fintech Festival!

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Combatting the Rising Cost of Fraud in Loyalty Programs: Protecting Banks, Retailers, and Telecoms

Azmeen Ansar

Growth Marketing Manager | Oct 2, 2024

Meet Niki.

She banks with one of Singapore‘s leading digital banks that uses Perx as their loyalty engagement platform. Initially attracted by a voucher at her favorite brand, she now uses the bank’s credit card for her daily transactions.

Why the increase in love? A loyalty program powered by gamified, hyper-personalized campaigns.

For the bank, thousands of customers like Niki resulted in 67% MAU and a 33X drop in customer acquisition cost (CAC). The bank cracked the psychology behind customer loyalty by using advanced data analytics, machine learning, and AI to deliver personalized experiences.

This win-win effect of loyalty programs is what has made it an evergreen strategy for customer relationship building. To back this claim with hard numbers, the global loyalty management market size was valued at USD 11.71 billion in 2023 and is projected to grow from USD 13.31 billion in 2024 to USD 41.21 billion by 2032, exhibiting a CAGR of 15.2% during the forecast period. (Source)

But it is not devoid of its risks. Along with current and potential customers, fraudulent profiles also are on the lookout for attractive, high-reward-yielding loyalty programs. Often presumed to have the least security checks – both from the customers and brands, loyalty programs are becoming a breeding ground for phishers, fraudsters, and the like. According to a study by Ernst & Young, loyalty program fraud is a growing problem worldwide with the current financial losses estimated to be around $1 billion. And they present themselves in many ways.

Types of Fraud in Loyalty Programs

New Account Fraud

Also known as synthetic identity fraud, New Account Fraud entails a fraudulent customer account being created under a fake or stolen identity. This is done by using automated tools or bots that create multiple accounts within minutes, often collecting loyalty rewards right after the account creation. This is done through a method known as credential stuffing where large volumes of stolen identities and passwords are used to create new accounts.

New Account Frauds choke up the loyalty program system and also make it difficult for genuine users to create their profiles.

Account Takeover (ATO) Fraud

This is where an existing loyalty account is hacked and taken over. Apart from credential stuffing, phishing attacks, malware, and social media scams are the most common ways ATO happens.

This is damaging to both the brand and the customers. The business rakes losses from fake redemptions of points, cash-backs, and vouchers. The customers run the risk of their financial and personal information being stolen, in addition to losing the rewards, cash balance, etc they may have in their accounts.

Fake Qualifying Actions (earning & burning)

Often affecting the business more than the customers, fake qualifying actions like illegitimately earning and burning points undermine the integrity of loyalty programs.

Fraudsters create fake transactions or manipulate receipts to be eligible for higher points. Or creating fake new accounts using their referral codes making them eligible for higher discounts and special rewards. Redemption of these points and rewards leads to huge financial losses to the business. It also devalues the image of the loyalty program making it averse to genuine customers.

Policy Abuse & Exploitation

Be it through bots or human scammers, abuse of the loyalty program rules and policies is now a usual occurrence.

The most common form is sharing or using voucher codes meant for particular customer segments or promotion periods outside the intended scope. This can involve using codes multiple times or spreading them through unauthorized channels. Another form is abusing the business’s return policies on products purchased using loyalty points and demanding a cash refund or store credit. Some of the fraudulent actions we covered in the earlier sections like opening multiple accounts or faking qualifying actions for tier upgrades also fall into this category.

Fake Loyalty Programs

This is when fraudsters are thinking big! Why manipulate a single business when you can scam thousands of customers? These are fraudulent schemes that deceive customers into joining a loyalty program that is a front to steal personal information, financial details, or money from unsuspecting individuals.

The most common telltale is the promise of unrealistic rewards, discounts, or points. Emails, SMS, insecure websites (absence of HTTPS), and social media accounts are used to promote these fake loyalty programs, which on closer look reveal the anomalies in their brand names, logos, and email IDs. Some scams involve fake mobile apps that claim to offer loyalty points or rewards. These apps can collect personal information and even install malware on the user’s device.

Data Breaches

While this is often the result of the different fraudulent activities we discussed above, data breaches in themselves have become a huge concern even outside the loyalty program world. While individuals can take all the necessary precautions to secure their accounts, a lapse in security on the business side can undo all the efforts the consumers take.

In addition to the theft of identities, and personal monetary losses, the cost to the business can be more than financial. The damage to the brand image and the legal consequences can take years to reverse.

The global average cost of a data breach in 2023 was $4.45 million, marking a 2.3% increase from $4.35 million in 2022 and a 15.3% increase since 2020, when the average cost was $3.86 million. This upward trend underscores the escalating financial risks businesses face in the current digital landscape.

How Perx and AWS Protect Your Loyalty Programs

At Perx, our commitment to client success extends beyond driving customer engagement; we are equally invested in safeguarding that engagement from fraudulent activities. Our loyalty management platform, integrated with AWS Fraud Detector, offers a robust defense against the evolving threats of loyalty fraud. Here’s how:

Machine Learning Integration for Adaptive Fraud Detection

No matter your industry, market, or the type of fraud you face, Perx has you covered. Our platform leverages AWS’s machine learning models, built on over 20 years of expertise, to ensure fraud detection systems are adaptive and constantly evolving. This means your business and customers are protected both now and in the future.

Real-Time Fraud Detection for Immediate Response

In today’s fast-paced digital world, timing is everything. Perx’s integration with AWS Fraud Detector provides real-time fraud detection, allowing you to respond instantly to suspicious activities. For example, if a customer’s account in Singapore records a transaction from another location, our system flags the activity immediately, potentially suspending the account pending investigation. This rapid response capability is crucial in preventing significant losses and maintaining customer trust.

Seamless Integration with Existing Systems

We understand that businesses rely on their existing infrastructure. That’s why the Perx fraud management architecture is designed for seamless integration with your current systems. Whether you’re using legacy systems or modern cloud-based platforms, our solution enhances your fraud detection capabilities without requiring an overhaul of your IT environment. Plus, being a part of the AWS ecosystem, our platform integrates effortlessly with other AWS services like Amazon S3 and AWS Lambda, simplifying deployment and management.

Automated Risk Scoring for Prioritized Fraud Prevention

Perx’s platform assigns risk scores to transactions and user activities, enabling your business to focus on high-risk events. This automated risk scoring not only prioritizes investigations but also improves the efficiency of your fraud prevention efforts. By filtering out low-risk activities, your team can concentrate on what truly matters—protecting your most valuable assets.

Customizable Models Tailored to Your Needs

Every business is unique, and so are its challenges. Perx’s platform allows you to create custom fraud detection models tailored to your specific industry and organizational needs. By incorporating unique business rules and patterns, our system can effectively detect and mitigate loyalty fraud that might be specific to your sector.

Scalability and Flexibility to Grow with Your Business

As your business grows, so too do your fraud detection needs. Perx and AWS Fraud Detector are built to scale, handling large volumes of transactions and adapting to various use cases—from e-commerce to financial services. This flexibility ensures that your fraud detection systems grow with you, protecting your business at every stage of its evolution.

Loyalty Program Fraud in Telecom, Banking and Retail

Telecommunications

According to the Communications Fraud Control Association (CFCA), global telecom fraud, including loyalty fraud, costs the industry around $28.3 billion annually. And 42% of the top ten fraud methods are related to telecommunication account manipulation.

As we’ve discussed here, the most common way fraudsters abuse a telecom loyalty program is through synthetic identity fraud. Fraudsters create multiple new accounts to take advantage of introductory offers on phones and services, leading to significant losses for telecom companies. To the customers, unauthorized access to telecom accounts can result in fraudulent charges, international calls, or the purchase of expensive devices.

Governments across the world are coming down hard on these telecommunication giants to secure their systems to protect the unsuspecting customers.

BFSI

According to a report by Bain & Company, financial institutions face increasing risks from loyalty fraud, with some estimates suggesting that fraud could account for up to 5% of all loyalty program redemptions. This translates to significant financial losses across the industry. In another report, a major bank reported losses of over $2 million in a single year due to loyalty program fraud. This included both direct financial losses and the costs associated with compensating affected customers

Synthetic identities are used to open new bank accounts, which are then used for money laundering or other illegal activities. These accounts can also be used to obtain credit cards and loans fraudulently. Attackers gain access to online banking accounts to transfer funds, apply for loans, or make unauthorized transactions. This escalates the cost of losses to both the bank and the customers.

Retail

Data breaches and other forms of loyalty fraud are rampant in the retail industry. 90% of online merchants believe policy abuse is a significant problem for their bottom lines. Losses from policy abuse have increased year-over-year (YoY) with promotional code and loyalty program abuse having a 38% YoY increase.

Fraudsters create multiple accounts to claim new customer discounts repeatedly, undermining the effectiveness of promotional campaigns and increasing costs for retailers. They also hijack accounts to make purchases using stored payment information or to redeem loyalty points and rewards.

Protect Your Customers and Business With Better Loyalty Program Anti-Fraud Practices

Loyalty fraud is a pervasive issue that requires advanced technological solutions to mitigate. AWS Fraud Detector provides a powerful toolset leveraging ML and AI to detect and prevent loyalty fraud. Perx’s Loyalty Management Platform together with AWS Fraud Detector secure loyalty programs, reduce financial losses, and maintain customer trust.

Get an in-depth demo of how Perx and AWS can secure your loyalty programs and keep your customers and business growing.

Keen on knowing how Perx Fraud Detection system can weed out any existing and future possibility of fraud? Reach out to us for a demo today.

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