The rise of automatic cashback: the new way to save

In this article, we will explore how these loyalty programs work, analyze success stories and discover the benefits for both consumers and banks and neobanks.

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When it comes to attracting and retaining customers, banking entities are opting for innovative solutions that improve the bond with their users. One of these solutions is automatic cashback, a revolutionary way to save money while making regular purchases.

What is automatic cashback in digital banking?

These are incentive programs integrated into banking apps to refund users a portion of their purchases. Cashback means that when a payment is made at one of the program’s partner merchants, a percentage of the money spent automatically returns to the customer’s account. 

While these tools have existed for years, the significant difference with today’s “smart cashback” is the elimination of coupons, virtual wallets, and waiting for validation. All operations are conducted in one place, and rewards are obtained immediately, without delay!

Why do banks return money in the form of cashback?

With the new generation of instant rewards, users feel more satisfied with the electronic banking experience. By eliminating additional procedures and delivering rewards at the point of sale, participation is encouraged, ensuring greater app retention. 

Additionally, by offering alerts on available offers and discounts, we’re helping users make the best decisions in their next online purchase.

What loyalty programs use cashback?

Santander Premia 

This tool offers bank customers exclusive benefits, including discounts and access to activities. With over 500 brands, this free platform seeks to reward users and increase their commitment. 

Accessible from the Santander app or online banking, customers can enjoy personalized offers and track their bonuses to plan their future expenses.

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Launched in May 2017 by Grupo Repsol, this app offers mobile payments at service stations and fosters customer loyalty with discounts of up to 10 cents per liter of fuel. It leads in mobile payments in Spain and has over 2,800 associated merchants. 

After downloading and registering a bank card, users accumulate points called “waylets,” unlocking additional benefits as they level up, encouraging continuous app usage.

EVO Banco’s Smart Cashback

This is a cashback 2.0, an innovative service offering an average refund of 8% on purchases made at partner stores. Without the need for coupons or additional procedures, users can enjoy instant savings verified in real-time through the app. 

This automatic system identifies transactions at partner stores and provides direct refunds, ensuring customers have a wide range of options to maximize their rewards. Another advantage is its compatibility with all available digital payment methods.

How do banks benefit from cashback modules?

These programs offer attractive incentives to users, but they are also proving very profitable for entities. Firstly, they increase the recurrence of card use, increase participation and generate a strong bond with the brand.

To continue, due to fintech innovations, banks or neobanks do not need to create in-house developments, but can instead take advantage of the technology of an expert partner to launch powerful tools to the market in weeks.

In a completely personalized way and with white label implementations, as in the case of EVO Banco.

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That’s water under the bridge! Smart cashback programs no longer require users to access third-party sites through a link. The process is streamlined so that rewards are immediate. Thanks to artificial intelligence and machine learning, cashback has unprecedented power. 

With data analysis and enrichment, increasingly sophisticated reward programs can be created. With data analysis and enrichment, increasingly sophisticated rewards programs can be created that hyper personalize the customer experience and keep them coming back again and again.

How does automatic cashback improve household finances?

By consulting their personal platform for offers and total accumulated rewards, users can plan their future purchases and maximize savings. This improves their financial health almost imperceptibly. There’s nothing better for the wallet than recovering part of the shopping basket in cash!

Like many other fintech tools, cashback relies on principles of behavioral finance, meaning cognitive biases of the population are taken into account. One of them is loss aversion, which leads us to worry more about avoiding losses than promoting gains.

Because people make decisions unconsciously, tools are created capable of making us earn by spending. With automatic cashback, we make our profits increase quickly if we use the service regularly. In some cases, such as EVO Banco, we can save up to 8% on each purchase.

Platforms work to make it easier to overcome this and other biases through advice, alerts, and hyper personalized recommendations. Automatic cashback is designed to increase people’s economic capacity and help them improve their consumption habits.

Boosting your users’ finances ensures unparalleled loyalty and commitment. Discover more and build lasting relationships with your customers!

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