The support of our fintech has enabled the institution to have a technological partner capable of offering stability and adaptability at every stage of the process. Not to mention the exciting merchants we bring to the table!
David Herrando“Pensumo includes a wide selection of well-known brands such as Nike, Decathlon, IKEA, or Lidl. Thanks to all of them, our customers can save for their retirement with every purchase.”
General Manager of Pensumo
Pensumo is cashback 3.0 that allows you to save every time you spend
With the cashback feature of this new app, the shopping experience reaches new dimensions. Not only do users receive automatic rewards every time they make a purchase, but they also benefit twice: first, with the immediate reward and, later, by investing that reward into a pension plan.
Users can be clients of any financial institution, and during the Pensumo registration process, the associated product is automatically contracted. It’s all advantages! As Víctor Royo told El Correo this week:
Víctor Royo“At Ibercaja, we make the most out of the Sandbox framework to launch Pensumo, a pioneering and unique project at a European level, which will allow us to build long-lasting alliances between merchants and people.”
Head of Payments and Consumer Business at Ibercaja
The importance of having a loyalty program in banking
In our daily lives, we carry out countless transactions, from paying bills to making purchases and transfers. Many of these transactions are perfect opportunities to earn cashback rewards, but their potential is still untapped. Financial institutions are realizing their value in retaining customers.
How Pensumo works
How does it work? In the case of Pensumo, the percentage of money earned— which can range from 1% to 20%, depending on the retailer— is directed to the Pensumo pension plan. It’s a mixed plan focused on international fixed income. According to its press release, the institution’s long-term vision is to offer users various plans to choose from.
Currently, the program has about 100 participating retailers, including Amazon, Decathlon, IKEA, Lidl, Fnac, Mediamarkt, Lego, Adidas, and Sephora. As the project leaders stated last Wednesday, having a tech partner like Coinscrap Finance has been key in securing agreements with these major brands. According to Forbes:
“The goal of Pensumo is to reach one thousand retailers within the first 12 months. Similarly, Ibercaja expects up to 400,000 users to register in the new app during its first year.”
As with other pension plans, contributions will be tax-deductible, and participants will have to pay taxes when they decide to withdraw the plan. Pensumo has been in development for the past two years, after being selected to join the financial sandbox promoted by the Treasury and the General Directorate of Insurance and Pension Funds.
The search for fintech solutions: from need to decision
Both traditional banks and cutting-edge neobanks need to offer innovative tools to keep their customers satisfied and loyal. As technology advances, consumer expectations grow, pushing institutions to seek fintech providers that not only meet their needs but also generate trust and offer technical excellence.
For a financial institution, any technological solution that integrates into its operations must work flawlessly, as a failure would not only impact customer perception but also damage the institution’s reputation in a sector where trust is paramount. This is why offering the knowledge and experience of more than 7 years working with some of the world’s leading banks is crucial.
How to adapt to an ever-evolving financial sector
When choosing a provider, it’s important that the technology is robust but also flexible, allowing institutions to adjust their strategies without compromising user experience. Furthermore, technical excellence is essential: solutions like Pensumo not only deliver high performance but also exceed expectations in terms of stability and service.
José Carlos Vizárraga“The proposal we bring to the market, the Pensumo app, represents a significant challenge for long-term savings. It is becoming increasingly necessary to supplement retirement and provide citizens with tools to build additional savings.”
General Manager of Ibercaja Pensión
Ultimately, what sets a fintech partner apart is not just the quality of the technology but also the provider’s ability to create synergies with the financial institution. Banks looking to innovate need an ally that offers not only advanced technical solutions but also an adaptable approach and close collaboration.
David Conde Sayans“This tool not only benefits users, but it is also an opportunity for merchants to increase their sales, grow their customer base, and retain them. This kind of products allow institutions to offer innovative solutions”
CEO and co-founder of Coinscrap Finance.
Statements gathered from ElCorreo.com: https://www.elcorreo.com/economia/ibercaja-lanza-convertir-compras-aportaciones-planes-pensiones-20241002131504-vi.html
IMAGES: © Ibercaja.