Don't you wish you knew when a member is about to pop down a Chase credit card to buy a pricey pair of Nikes - especially when you are prepared to offer a $5 discount just for using your institution's credit card?
Just that is the thought that has powered the development of Mall IQ, a San Francisco and Istanbul based company that has won backing for FIS. But Batu Sat, Mall IQ founder, acknowledged to us that the company's ambitions go way beyond malls and it wants to connect financial institutions with customers and members wherever they are - high streets, car dealerships, furniture stores, and of course malls.
Mall IQ has digitized and mapped many shopping environments so it can know your member is in a Nike store and not a GAP. "We understand the floor plan" said Sat.
A member enrolls in the Mall IQ program through the credit unions' mobile banking app. That enables push notifications of deals, discounts, etc. when using the credit union's card to make purchases.
"This is not spray and pray marketing," said Sat.
Mall IQ offers a one month trial of the product before a credit unions signs a contract.
At a time when every credit union is hunting for new revenue streams, Mall IQ is coming along at an opportune time.
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