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There’s been a lot of talk about the new advertising campaign from Revolut this week. If travelling on the tube, you’ve likely seen the billboards revealing the spending habits of the challenger bank’s customers.
In a nod to “Veganuary” and TV presenter Piers Morgan’s contempt for Gregg’s new vegan sausage roll, one Revolut ad proudly boasted:
“To the 11,867 people who bought a vegan sausage roll this month, Piers is fuming.”
At first glance, it’s a clever ad that reveals the level of insight Revolut can gain around the spending behaviour of its customers.
But then several of us here at Yoyo started asking ourselves how on earth Revolut managed to find out that number. After all, banks are only able to view the amount of money a customer has spent and where they spent it (that’s unless they partner with Yoyo – good job Starling!).
Well it turns out that sausage roll number was “just made up” – that’s what Revolut themselves said to FT journalist Claer Barrett.
Here at Yoyo, however, we’re in the business of analysing customer transaction data (totally anonymised customer data, FYI) so that we can deliver the most personalised and rewarding retail experience to our 1.5 million users.
So I asked our amazing data team to find out how many sausage rolls (both meat and veggie, as I’m not a vegan…yet!) were bought by Yoyo app users in January.
This is what they sent me:
Turns out, the number of Yoyo users who bought a sausage roll in January was…14,224.
Now I hear you ask, “yeah ok, and how did you come up with that number then?”
Through Yoyo’s commerce API, Yoyo captures individual and fully anonymised customer basket-level data at the point-of-sale (just like Amazon does online, only we do it for both physical stores, as well as ecommerce).
This enables our retail and banking partners to analyse and segment both on and offline purchasing behaviour and deliver the most personalised rewards, offers and experiences.
And just in case you’re worried about data privacy issues or GDPR, Yoyo guarantees that our banking and retail partners never see anything about you, your personal information or your financial data when you use Yoyo.
We’ve created a Double Tokenization payment mechanism, where both financial and personal data is encrypted:
Token 1 – Protecting payment data
Similar to mobile payment methods like Apple Pay, when a user signs up to Yoyo a unique token is generated to encrypt all payment details. When a transaction takes place, Yoyo makes a request to the payment provider using the token for authorisation. This token ensures that Yoyo or its retail and banking partners never needs to store or transmit personal information directly.
Token 2 – Protecting personal data
When a user creates a new Yoyo account, a unique user ID is issued. During a transaction, the Yoyo app generates a unique token (QR code), which regenerates every 30 seconds. As well as transmitting payment authorisation, this dynamic QR code transmits the user ID through the scanner at the point-of-sale to Yoyo servers. This ensures that information is safeguarded and all user data is encrypted.
Through Double Tokenization, Yoyo’s partners can deliver super-personalised experiences without ever needing to know the actual identity of the customer they are engaging with.
Instead, they only need to know the anonymised customer behaviour of “CUSTOMER 09876”. Here’s an example:
– Imagine a retailer wants to award customers who bought a sausage roll with a refreshing drink
– An automated process can easily be put in place telling Yoyo’s servers that when “CUSTOMER 09876” buys a sausage roll, a voucher is issued to reward them with a free drink.
This means retailers can identify, analyse and react to their customers’ behaviour and at the same time never see who those actual customers are. It’s one of the many why customers choose to use Yoyo – as well as receiving one of the most rewarding retail experiences, they know their purchase data is being used responsibly to deliver the rewards they want.
Anyway, I’ll stop there now and leave you all to enjoy your Yoyo-powered sausage rolls! 🙂