The largest banks close loyalty programs because of robots
For many years, the largest banks like JPMorgan Chase and Citigroup have offered their clients price protection. This service implied a monetary compensation of up to $ 500 in case they purchased the product and subsequently found that it was cheaper in another store.
However, to monitor prices and execute such compensation was quite troublesome. Therefore, the service was not popular. But with the appearance of special services like Earny, which allowed to automate the process of monitoring prices and refunds, the programs started to be a success. By granting the bot access to e-mail and the right to fill in applications for refunds on their behalf, clients have received additional income without having to make an effort.
According to Business Insider data from anonymous sources, credit card providers are already witnessing the increase in claims from clients and considering about suspending the refund service.
So, Citi has reported that from July they will compensate for smaller amounts (up to $ 200 for one complaint). And Chase plans to close completely the program in August.
https://medium.com/@bloomzed/the-largest-banks-close-loyalty-programs-because-of-robots-7e584a893d05
