This application enables financial institutions to send their clients gift coupons from partnering businesses. When the clients pay with their bank cards for the goods and services purchased, their bank accounts are credited with the gift amount.

FreeMonee Brings Banks, Customers and Businesses Together through Promotional Offers

How can a small business raise its profile among potential customers? By getting together with a bank and using a money-off coupon system. Starting out from this concept, FreeMonee has developed a system that enables people who download the app to receive personalised offers on their mobile phones and take advantage of price reductions in stores and restaurants. The system functions as a go-between for the various parties involved. A financial institution sends promotional offers to its clients in line with their preferences from a list of businesses that have signed up with FreeMonee. The client must first of all set up an account - free of charge - with FreeMonee and also verify that his bank is a member of the network of financial institutions and businesses which have registered with FreeMonee.

The bank as intermediary between customer and retail business

The bank then sends the client up to four gift coupons per month. If s/he is interested in any of them s/he can go to the store concerned, use the gift coupon, and pay with a bank card. His/her account will then be credited with the gift amount. The bank also receives a percentage for each coupon used. So there’s something in it for each of the parties involved. The system creates loyalty among bank clients and increases sales for businesses. Small businesses that aren’t perhaps big enough to set up offers and make them known on a large scale have the advantage of obtaining access to the clientele of major banks in order to help build up local custom.

Tell me what you’ve bought and I’ll tell you what you’re likely to buy

To help customise the offers sent to the client-consumers, FreeMonee provides the banks in its network with a software tool for matching a potential customer’s preferences to the offers s/he will receive. This Adaptive Matching Technology programme, developed by FreeMonee, analyses the purchases made via a FreeMonee customer’s bank card statement with the aim of making offers likely to be of interest. The security of the personal data is guaranteed, since the programme doesn’t actually divulge this information, nor does it send out customer profiles to the businesses involved. FreeMonee was one of the 2012 award winners  at the Netxplo (the ‘global observatory on digital society’) forum.