A brand new London-based start-up “Tail” has recently made a lot of noise as it offers the possibility of open banking. Right now the platform is available for iOS and works for London inhabitants.
Thanks to the app, the user can spot significant discounts for food and drinks at local places. The payment information is linked to your Monzo card and each week will be delivered in the form of cashback.
Exclusive Offers and Safety
Once the user grants the app access to their bank account, they will be asked to give permissions. This will allow you to redeem any discount that pops up in the Tail app while you use your linked card.
The best part is that the platform frees the user from the necessity to keep track of any coupons or receipts. While not all people will be comfortable to give their banking data to the third party, this app can make a difference.
Even if the client’s card expires, gets stolen or simply lost, there will be no need to link the new one to the platform. The Tail app will take new date from challenger bank’s API.
Easy Solution for Retailers and Consumers
The main benefit of the Tail App is that it eliminates the need for physical codes or coupons to get access to the discounted products. The client will be able to browse through offer feed that is pre-linked to their Monzo card. What is more, the selection of the offers happens in the real time and it is location specific.
Overall this fintech invention is perfect to redeem offers and keep track of accumulated savings in the form of cashback.
The creators of the Tail app plan to turn it into a self-serve platform as well as to create an android version and make it cover the rest of the UK.