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Zedosh to pay users to watch ads based on their banking data

Friday 10 September 2021 14:14 CET | News

Zedosh, an app that pays consumers to watch ads to completion, has announced that it is open to brand advertisers, having completed a successful beta test phase and secured GBP 400,000 of funding, according to Mobile Marketing.

Zedosh offers brands an audience of engaged young people who are hard to reach on other platforms, allowing brands to run hyper-targeted campaigns using their financial transaction data, which its users have consented to share, rather than relying on cookies.

Zedosh users give their explicit permission to analyse their bank transactions instead of their browsing habits. The app adheres to the new Open Banking Regulations and is fully GDPR compliant. The company believes it will have strong appeal to Gen Z consumers, who are digitally savvy, open to the idea of financial data sharing, and eager to get a fair share of the attention economy currently dominated by Google and Facebook. Zedosh also offers a bank of content to attract Gen Z consumers, showing them how to improve their finances, providing career advice from influencers, and presenting fun information videos.

There’s no limit to the number of ads a Zedosh user can see in a given timeframe. Current campaigns on Zedosh vary between 15 seconds and 2 minutes, with an average completion rate of 92% and an average CTR of 16%. When there’s a new ad available for the user to watch, they get notified and can choose whether or not to watch it. Users earn between 15p and 25p for viewing an ad to completion, the amount currently depending on the length of the ad. They are only paid for the first completed view so even if they watch the ad 10 times because they like it, the advertiser only pays once.

In the future, Zedosh plans to take into consideration the value of the specific attention being targeted and the average order value of the item or service. So, an McDonalds burger ad will pay out significantly less than an ad for a car, especially when the latter is served in the months coming up to a user’s car lease third anniversary, gleaned from the user’s banking transaction history. Zedosh said it is building a free marketplace for attention so pricing will become increasingly dynamic.

Users will also be able to benefit from exclusive offers, promotions, and discounts if a brand chooses to offer them. Consumers will also eventually have the option to divert the money they earn to a good cause. Brands that have already partnered with Zedosh include femcare disruptor Daye, challenger snack brand Well & Truly, and vegan carbon negative sneaker brand Elliott Footwear. Zedosh is a member of the Conscious Advertising Network and checks every piece of content to ensure it complies with the company’s values before it is published.

Zedosh’s targeting will be based on a proprietary algorithm called the Attention Exchange, which uses Open Banking data, including recent transactions, to segment its audience. As with all organisations offering Open Banking services, Zedosh is regulated by the Financial Conduct Authority. Zedosh has partnered with Moneyhub to harness its Open Banking technology to create the functionality behind the app.


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Keywords: Open Banking, FCA, GDPR, Gen Z, financial data
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
This article is part of category

Banking & Fintech