Recognising that scale, transparency, and a personalised experience are key to changing the traditional rewards system for all consumers, UOB has formed a strategic partnership with Fave that doubles the number of merchant locations in UOB’s rewards programme. Through UOB Rewards+, customers can reportedly enjoy more savings when they pay for exclusive deals from these merchants with their UNI$ or UOB$ . They can also earn Fave Partner Cashback when they use UOB TMRW to pay at the stores.
UOB customers can also track through UOB TMRW the amount of credit card reward points they earn with every purchase. This reportedly changes the traditional banking rewards experience which provides consumers a summarised view of their consolidated rewards points, making it difficult for them to reconcile their spend with their rewards points earn rate. The UOB Rewards+ programme also features the bank’s proprietary digital engagement engine, which brings together artificial intelligence (AI), machine learning, and data analytics solutions to personalise the reward experience for each customer. UOB can learn from the customer’s transaction and reward redemption patterns to recommend relevant deals. The digital engagement engine also powers UOB TMRW’s insights feature, which provides personalised prompts to help customers spend and save more wisely.
UOB is also offering UOB Rewards+ as part of the Bank’s bid to encourage more UOB customers to support local businesses. Through this initiative, participating merchants can accept payment in UNI$ which enables them to engage a larger pool of customers.
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