Tuesday 23 July 2019
Today, consumer finance app, Finch, has released FinchPay as part of the new FinchXP platform for businesses.
Founded in 2017, Finch began as a personal finance app aimed at making it easier for users to pay friends, split bills amongst groups and track social spending.
Now, the company has spread its wings and launched FinchXP, designed to assist businesses and financial institutions to boost the digital banking and payment experience for consumers.
Notably, the platform offers learning technology so that it can provide advanced personalisation to help encourage customer engagement and ultimately improve financial health.
"Consumers are increasingly expecting the same kind of customer experience and personalisation in finance, as they do from social media and Google,” Finch, CEO Toby Gardner, said.
“FinchXP is the result of years of modeling customer journeys, data intelligence, and financial products to determine how the technology and data would need to interact and connect with each other - adapting to changes in user behaviour and financial priorities."
FinchPay is the first of FinchXP’s integrated banking solutions for businesses working in the shared economy. It makes customer payments quicker and easier, by allowing users to pay using their Finch digital wallet.
The first company to jump on board is dynamic payment platform, EatClub, which allows restaurants to fill empty tables by offering hungry Aussies discounts at off-peak times.
Currently, EatClub allows partnering restaurants to adjust their prices throughout the day, based on demand, and offer discounts to help fill tables, but plans to rollout in-app ordering and payments on takeaway deals.
FinchPay will be a payment option within the EatClub app at the checkout on takeaway orders, where users will be redirected to the Finch app and must have an account to make a transaction.
“As a marketplace platform, FinchPay solves our problem of distributing payments across our restaurant network,” EatClub CEO, Pan Koutlakis said.
“This, paired with Finch’s proven group payments functionality for customers, makes this an innovative solution we’re proud to adopt.”
So why use FinchPay instead of a debit card, Paypal or even Apply Pay? Well, FinchPay offer the following functions to benefit both businesses and customers.
RELATED ARTICLE: The seven budget and savings apps every Aussie needs
Want to find out what other fintech apps are on the market? Jump over to our fintech hub for all our latest digital banking articles.