Customer Engagement Technologies, a fintech startup company, is set to “drastically improve the overall image of subprime auto market,” by gamifying the payment experience with a new app called PaySwag, launched last month, Chief Executive Max Haynes told AFN.
The app, intended for underbanked customers, allows users to make or adjust payments online, and can also set up payment reminders. The company then issues borrowers rewards, like Amazon gift cards or Starbucks lattes, for making regular payments and viewing two or three-minute educational videos on the PaySwag app, according to Haynes.
The app is a standalone product intended for auto lenders, as well as banks, government agencies and businesses. PaySwag is not intended as a debt collection tool, though. “Pre-collection is the ideal place for it to be,” Haynes said.
Another feature of the app allows customers to pay with cash at participating retail stores near them. “We found that 60 to 70 percent of car leasing customers pay using cash,” he said. “Today, a lot of people do not even have a bank account, so we needed to use technology to make payments easier.” Reno, Nev.-based CarLoans Inc. is the first company to integrate the app in its collections process.
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