It’s no secret that the banking industry is always at the forefront of customer acquisition. AssetToken seeks to empower financial institutions who wish to use smart contract technology as part of their banking services.
How Smart Contracts Strengthen Traditional Banking Products
All you need to do is sort through your mail or your Email Inbox to find offer after offer from banks, credit card companies, and other financial institutions. Depending on the type of product or service they are offering consumers, acquisition costs for a new client or new account can cost more than $1,000 per customer.
After acquiring the said customer, the next challenge is retaining and servicing the client. Today’s consumers are savvier than ever before in history. They know how to research and hold out for the best deal possible, especially as it relates to new opening new bank accounts, credit cards, and loans.
In recent years, Credit Card Rewards and Loyalty benefits on credit cards have become a standard in most people’s wallet. After all, who doesn’t appreciate getting a return or reward for their spending? However, these loyalty and reward points can come with rules and stipulations for use, making them not as convenient or useful as they could be, limiting customer choice. Using Asset Token technology, rewards and loyalty point holders get control of how they can redeem these perks.
The AssetToken project seeks to offer Smart Contracts and a Blockchain solution to help banks provide more alternatives for customers to enjoy their loyalty points and rewards.
When using AssetToken protocols, the financial institution selects an adjustable rate, and the Asset Token team creates a corresponding custom Smart Contract. As part of the integration process, the bank connects each account with an Ethereum Wallet address. Using API access, the bank or financial institution can distribute Asset Tokens to users.
AssetTokens Never Expire
Because Asset Tokens (AST) never expire, using this ERC20 Compliant Ethereum Token is designed to help increase the lifetime value of banking clients of financial institutions that offer them.
With cryptocurrency adaptation taking place at a fast pace, Asset Token is a commercial-ready utility token that aims to help the traditional banking industry offer their clients access to cutting-edge Cryptocurrency-based rewards.
As an extra layer of security, it offers an Asset Token Refund Smart Contract. The Asset Token Refund Contract allows buyers to refund their Asset Tokens (AST) back into Ethereum at any time. Unlike other projects, purchasing Asset Tokens poses no risk to the buyer since everything is refundable through the blockchain.
If you would like to find out more about the AssetToken Project or the team behind it, be sure to visit their website for more information!