Bellwether Community Credit Union in Manchester, New Hampshire, is doubling down on its partnership with the New York-based advertising technology firm Prizeout to help its members earn cash back when they purchase gift cards through its digital banking platforms.
David Metz is the Founder and CEO of Prizeout, an adtech company that partners with various industries to optimize money flow and put money back into consumers’ pockets. A career entrepreneur, David started his first company, Flugpo, in 2006 after a 10-year stint in financial services and equity trading. Prior to Prizeout, he was the CEO and co-founder of a mobile trivia app called FleetWit where users could take bets on their trivia skills. His broad leadership experience in finance, marketing, and tech across both large firms and startups put him at the ideal intersection to lead an industry disruptor like Prizeout. David attended Drexel University and lives in New York City with his wife and two kids.
So how do you develop a value proposition that encourages all parties involved to work together for shared success—to maintain this relationship so everyone can reap rewards in both the short and long term? Let’s explore how to build upon this concept.
For some credit-union members in the United States, a third balance appears alongside their debit and credit banking balances: CashBack+
According to the company, CashBack+ is a suite of products that lets credit union members earn instant cash back while they shop and lets credit unions grow their non-interest income by up to 3% on every member transaction
Prizeout’s David Metz stopped by the show to share the big launch of their CashBack+ for credit unions — a new white-label solution that enables credit unions to offer members a suite of cash-back products. David added that Cashback+ essentially helps credit unions boost their non-interest income and offer new benefits to their members, so both parties greatly benefit.
Today, Metz is talking about Cashback+, a white label tool that puts money back in a member’s pocket with a debit card transaction. Note that: this works with debit cards, unlike most cashback which rides on a credit card. And that debit focus works well for credit unions where many members make heavy use of debit cards and that is especially true of younger members.
According to a 2023 Forbes Advisor Banking Survey, 57% of Americans use debit cards as their primary payment method; however, there aren’t as many rewards programs for debit cards as there are for credit cards. In fact, the only major credit card company to offer a 1% cash back debit card is Discover. This disconnect, in part, was the impetus for Prizeout’s new program, CashBack+.
CashBack+, a new suite of cash back products gives credit unions the tools to compete with big banks, earn more non-interest income, and put money back into their members’ pockets
Prizeout has introduced a new white-label solution that enables credit unions to offer their members a suite of cash-back products.