At the heart of Engage’s competitive differentiation is the end to end payments platform on which the proposition is built. The power of this platform allows for the development of innovative functionality which can be built into products. This includes the market-leading Envelope Facility™ enabling customers to ring-fence funds, preventing them from being spent on other things.
Engage has incorporated its budgeting tool into its current account, so a customer is able to ring fence funds to pay the rent or a utility bill and ensure it cannot be spent as disposable income. When over 80% Universal Credit recipients are in arrears on their home rental payments and 40% of adults have less than £500 in savings to withstand financial shock, Engage’s ability to put funds out of harm’s way is essential.
In addition, using its Visa debit card, Engage is able to provide customers with the ability to make contactless payments alongside direct debit functionality.
This year Engage announced its market leading partnership with Samsung Pay, allowing them to become the first digital wallet provider to offer this functionality to Credit Union members. The technology allows Credit Union members using an Engage current account to make payments using their phone, opening up a key element of mobile banking to the underbanked demographic.
Engage differs from much of the competition as a result of its extensive programme of cashback rewards and incentives which helps customers save money on a daily basis. Based on average card usage, Engage customers save an estimated £375 per year through its rewards programme. The Engage account has over 1600+ online cashback rewards, discounts and vouchers; everything from designer clothes to home improvements.
We’re really excited about Smartcash. It’s so important that young people and children understand the concepts of money and how to manage it before they start earning. Giving young people freedom and responsibility to manage their own money at a young age gives them important life skills.
“The fact that it’s contactless means that it’s really important for people on low incomes to get around London when everything is contactless. It gives them the same freedom that it would if they had a bigger income
Engage has been able to facilitate us with the latest technology and it has helped us to move from a branch-based organisation to online and mobile so it’s really helped us improve the service we provide to our member
The engage programme is a really useful asset to the credit union, some of our members use it effectively in a current account, as their primary banking account other members use it as an alternative to credit cards so something which provides all of the benefits but without the costs and the dangers of going into overdrafts and expensive debt