How they describe themselves: Bankons is a mobile application offering consumers real-time savings at local merchants. Marrying geo-location with an individual’s transaction history, Bankons helps consumers conveniently take advantage of local offers at frequented merchants and discover discounts often overlooked or forgotten from Foursquare to AAA or KQED. The convenience of GPS-enabled, digital delivery of real time local and membership discounts provides value to consumers when and where they need it. However, it’s the incorporation of bank transaction history that makes it possible to deliver a uniquely targeted offer to a mobile device that’s based on the consumer’s previous patterns, making the offer far more relevant for the consumer.
How they describe their product/innovation: The technological and cultural convergence that’s taken place on the smart phone has created enormous opportunity for meaningful customer interaction and the ability to reach the consumer at the moment of decision making when the content can be the most useful and impactful. In order to create a successful engagement, the content must not only be timely but also highly relevant. Bankons offers aggregation technology that gathers pertinent offer data and matches it with transactions data through a Yodlee integration. Understanding the consumer’s past behaviors by matching transaction data with geo-location data makes this possible.