Banco Cyan, a Brazilian company, rewards its customers for cutting back on their water usage. When customers decide to open a bank account with the company, Banco Cyan looks into their history of water usage and comes up with what their average usage level is. Customers can then earn points on a monthly basis when they stay below their average usage level.
The points that customers collect by being eco-conscious can later be redeemed with participating retailers. Currently, Banco Cyan has agreements with Submarino, Americanas.com and Blockbuster.
Banco Cyan is a marvel solution to getting people to think about how much water they are wasting. By creating an incentive to minimize water consumption, Banco Cyan is addressing is the scarcity of the natural resource.
Consumption-Cutting Incentives
Banco Cyan Rewards Customers Who Cut Back on Their Water Usage
Trend Themes
1. Water Usage Reduction - Banco Cyan rewards customers for cutting back on their water usage, creating an opportunity for businesses to develop products and services that promote water conservation.
2. Eco-conscious Incentives - The use of rewards by Banco Cyan to encourage environmentally friendly behavior opens up an innovative market for businesses to create new incentive programs that promote sustainability.
3. Partnership Rewards Programs - Banco Cyan's collaboration with retailers for redeeming earned points highlights the potential for industries to form partnerships that promote customer loyalty and engagement through rewards.
Industry Implications
1. Banking - The innovative approach of Banco Cyan in incentivizing customers to reduce water usage presents an opportunity for banks to create similar reward programs that encourage sustainable behaviors among their customers.
2. Retail - Retailers can explore partnerships with Banco Cyan and similar initiatives to participate in eco-conscious rewards programs and attract customers who prioritize sustainability.
3. Technology - The integration of technology platforms by Banco Cyan and other similar companies opens avenues for tech industries to develop innovative solutions that monitor and track water consumption for incentivized programs.