Looking for savings delivered directly to your online bank statement? BillShrink, a site designed to help people lower their bills through a money-saving search engine, launched an extension to their online platform that enables consumers to save on common expenses like wireless bills or television service.BillShrink's transaction search engine classifies purchases into specific merchants and categories and then accurately determines what content to display. BillShrink's matching technology leverages knowledge of both historical and current transactions to present consumers with the most relevant savings available.
For example, a transaction for a mochaccino might trigger a $25 loyalty reward for the cost of $10 at the user's favorite coffee shop. Similarly, gas purchases generate cheaper gas station recommendations.
Schwark Satyavolu, co-founder and CEO of BillShrink, insists that consumers are interested in real-time, contextual rewards based on their spending history.
"In our research, nearly 90% of consumers indicated they would switch their spending to cards or bank accounts that offer this functionality and 68% said they'd switch to a new card just to get a service like this," Satyavolu says. "StatementRewards will give financial institutions a powerful way to increase spend and loyalty by providing customers with rewards and savings while they are considering their finances."
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