DigitalCFO Newsroom | 17 June 2022
Ascenda, the global loyalty technology company, announces a strategic partnership with Banque Saudi Fransi (BSF).
Today Ascenda, the global loyalty technology company, announces a strategic partnership with Banque Saudi Fransi (BSF), the leading Saudi bank that has established itself as the most innovative financial services company in the region.
This best-in-class loyalty solution will tap into BSF’s JANA Rewards Program premium customer base and unlock critical high-value spend across the entire banking relationship.
Ascenda’s TransferConnect network, the world’s largest points exchange network, is powering the new program, bringing more than 50 live integrated live currency rewards partners to BSF’s JANA Rewards Program portfolio. The only global hub connecting banks and major merchants, TransferConnect is facilitating seamless rewards currency conversion for all of BSF’s retail customers. BSF is also leveraging Ascenda’s best-in-class customer engagement capabilities to deliver personalized financial solutions for its customers both at home and abroad.
With more than 340,000 cards in circulation, this new strategic partnership is set to disrupt the traditional cashback era in the market and deliver unparalleled consumer value and choice. Tapping into BSF’s digitally native customer base, the new solution will bolster the banks’ position as one of the leading card issuers in the market.
Mohammed Alsheikh, Head of Personal Banking Group at Banque Saudi Fransi said: “This new strategic partnership with Ascenda supports our overall mission to become the most innovative and experience-focused bank in the region. Leveraging Ascenda’s holistic redemption platform will allow us to meet the demands of the future and ensure we deliver the most effective customer engagement rewards program solution in our market.”
Sebastian Grobys, CSO & co-founder at Ascenda, added: “Progressive banks such as BSF are increasingly looking to differentiate their offering in the age of personalization and growing consumer appetite for comprehensive redemption opportunities. We’re thrilled to support BSF in their journey to deliver exceptional customer moments that delight their users at scale across the entire banking relationship.”