This year's pandemic has accelerated consumer adoption of online spending and contactless payment. As a result, banks, card issuers, and fintech providers have had to pivot their strategies to build new relationships with their customers across channels and experiences. Our co-founder and CEO Michael Jaconi sat down virtually with Dosh's founder and CEO Ryan Wuerch to discuss the opportunity that a commerce strategy holds to offer rewards across channels such as online, in-store, and mobile.

The shift from advertising to commerce

The future of monetization is the democratization of advertising for the benefit of all consumers. Instead of a model where giants like Facebook and Google make money off search and social advertising, the future lies in a transaction-based advertising model—aka commerce—where the dollars go directly to consumers.

In addition, Covid-19's impact on the economy means that marketers want to make every dollar count, while consumers want to know that every dollar they spend goes further. Dosh revealed in a recent study that it conducted that 80% of Gen Zs and millennials will shift their behaviours if they feel they're being valued at a transaction—they want to be rewarded when they spend money.

Content is king

"I've loved this about you are enabling content that is unique, that's exclusive, and that's differentiated to emerge for banking and fintech partners," said Ryan Wuerch

Neobanks, fintech apps, and loyalty platforms that turn to commerce are investing in their revenue strategies. They don't want the same, uncustomized content that anyone else can get from an aggregator—an affiliate network, an RSS feed or a feed of links. By gaining access to content from new-economy brands like Uber that don't work with aggregators, financial services companies are able to offer unique and differentiated content to their users and make them feel valued. And as for household-name brands that already work with affiliate networks, there's also the opportunity to tap into content personalized by Button's technology.

This new wave of content is vital to helping new fintech players differentiate themselves, stay top of wallet where applicable, and help keep their users engaged. 

Contactless and frictionless payment

Studies have shown that there's a negative emotion that is subconsciously felt when a person spends money. This is rooted in the mindset that "your money's leaving your wallet". We can instead make shopping a delightful experience by giving users positive notifications of rewards earned whenever money is spent—that shifts the equation. "Frictionless" to Dosh means a financial services company being able to onboard with Dunkin Donuts and its 11,000 locations so quickly that a consumer can simply walk into a store without having to activate or scan anything to enjoy a cash back experience. This seamless purchase process causes consumers to return and spend more money, giving Dunkin Donuts what they want.

When you top that off with offering consumers the ability browse and shop with their favorite brands through their go-to digital banks or mobile wallets, the sky's the limit when it comes to unlocking omnichannel rewards to meet consumers where they're at. 

For more insights, tune into the full conversation between Button's and Dosh's CEOs.