One month after picking up a $1.8 million investment, Austin, Texas-based Buzz Points is unveiling its new online management portal, Buzz Insight for its rewards and marketing platform. Buzz Points CEO Dwayne Spradlin says that Buzz Insight will “enable community banks and credit unions to better comprehend how their customers and members are interacting within their communities, giv[ing] them the power to implement more targeted and effective campaigns and offers.”
Buzz Insight is geared toward community financial institutions (CFIs) like credit unions and smaller banks, giving them visibility into customers’ and local business data. With the Insight dashboard, CFIs will get real-time program management and reporting, as well as cardholder analytics, behavior, and other metrics, making it easier for CFIs to enroll and engage with their customers. “With Buzz Insight,” Spradlin said, “in-depth analysis and innovation come together to drive revenue and retention.”
Director of Product Michael Hall demonstrated the Buzz Points Mobile App at FinovateFall 2015 in New York.
More than just a rewards and loyalty program, Buzz Points seeks to empower local commerce by incentivizing its members to buy locally produced goods and services. At the same time, Buzz Points’ technology helps those local businesses better understand the preferences of consumers in their communities and successfully compete against national and regional chains. The goal is to create a “pro-local message” that creates an “emotional connection” between cardholders and local merchants. Emotion aside, Buzz Points reports its users are bigger debit card users than the national average (52% above), have 26% higher average monthly spend, and yield $5 in interchange fees per account each month.
Founded in 2012 and headquartered in Austin, Texas, Buzz Points demonstrated its mobile app at FinovateFall 2015. The company joined Jack Henry’s Symitar vendor-integration program earlier this month and in May, Buzz Points announced a partnership that will bring its loyalty rewards program to the “customer-owners” of credit union service organization (CUSO), Xtend.