PALO ALTO, Calif.–Stanford FCU said it has now gone live with Prizeout, an ad-tech company that will give its members access to bonuses on their spending, and support for local merchants.
Under the new offering, when members log into their Stanford FCU digital banking account they have the option to withdraw funds via Prizeout for a gift card with additional bonuses from 4% to 20%.
“There are more than 1,300 gift cards to choose from, inclusive of national and local brands,” Stanford Federal said. “This allows members to stretch their dollars for brands they already use.”
Option for Merchants
Meanwhile, local merchants and business account members will now have the option to be featured within the marketplace or run promotions for larger exposure to relevant and geo-targeted audiences.
“This will help increase their exposure, attract new customers, and ultimately keep money within the community,” The credit union said.
For the $4-billion Stanford FCU itself, the CU said the partnership will allow it to showcase its “innovation and eagerness to embrace technology and partnerships that benefit its members, community, and personal growth.”
‘Real Cash’
“Almost every bank or credit union offers credit card rewards and bonuses, but not everyone has a credit card. What’s great about this partnership is all our members can get real cash-in-their-wallet rewards at places they already shop,” said CFO Paul J. Jockisch. “Imagine being in the store with items in your cart, and then via Prizeout getting a discount that you could apply right then and there with a code at checkout. In our early member testing we found that members saved on average 10%. That’s real value, to real members, in real-time.”
Prizeout is a CUSO that is managed by Callahan and Associates.
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