Worldwide Finance Awards 2020

22 Acquisition International - 2020 Worldwide Finance Awards he retail and financial landscapes of the UK are turning digital and fast. While many digital banks are making banking more convenient, OMG saw that those same digital banks have not fully leveraged available customer insights to provide real material benefits to their customers. OMG, or Omega, is the new major player on the digital banking scene, who is revolutionising the way we spend our money. However, they are not just another digital bank or dull money management tool! OMG is a new paradigm digital Bank-as-a-Platform, existing between financially aware, digitally-enabled customers, particularly in the 18-34 demographic, and UK SMEs merchants who use loyalty and reward programs to attract and retain customers. Their service allows customers and businesses to interact directly for mutual benefit, by creating a unique digital ecosystem, that uses data to segment customers and enables merchants to access target customer groups through the running of highly targeted customer loyalty campaigns. As the need for SMEs to embrace the digitalisation of business increases, they are continually developing and implementing their solutions for customer acquisition and retention to increase business activity and customer loyalty. However, given the millions of small businesses currently operating in the UK, there now exists a staggering number of loyalty and reward programs, that customers find near impossible to keep track of. Therefore, many customers do not engage with these programs, which means SMEs lack 360-degree view of their clients. As a result, they are unable to tailor offers for consumers, and customers miss out on advantages that are lost amongst the abundance of loyalty programs and rewards available out there. For OMG, these challenges provide a huge market opportunity in coupling the technological advances in the digital banking space with an integrated loyalty and reward system, which is backed by a network of Merchant partners. Over the past twelve months, Omega’s primary focus has been on securing funding, to create a commercially usable MVP product that OMG is a London-based Fintech Start-Up that is changing the game in digital banking and rewards space. Targeting millennials, a demographic that faces the most financial challenges and is often missing out on financial rewards, OMG provides its customers with current day-to-day accounts that give instant cashback discounts of up to 50% of the purchase price in thousands of UK retail merchants. We meet a new generation of digital bank challenger, as it makes significant plans to revolutionise the digital banking and cashback industry. Fintech Start-Up of the Year 2020 - UK: Omega T can be rolled out to a pilot set of customers and merchants in a live environment. They have accomplished this significant milestone, thanks to the support from a syndicate of like-minded investors and the government’s Future Fund initiative, which will now support the beta-testing and product launch quality. Successful market launch and scaling at the beginning of 2021 is the next milestone for OMG. Beginning at the hyper-local level in London to create an adequate level of rewards saturation and the best possible infrastructure for all their clients in the next three years, OMG has made significant progress in establishing a solid base of OMG Merchant Partners across the UK. Their next goal? Giving OMG Customers access to 10% of the UK loyalty rewards market. While the main offices of OMG are located in central London, the company has been thriving in a remote working environment for most of its existence, recruiting from all over the world. At the moment, the team is spread across five different time zones and the large pool of talent from which Omega recruits means they have access to the expertise of the best of industry professionals from jurisdictions where cashback industry is far move evolved than in the UK. OMG is dedicated to promoting SME business activity in the UK by actively engaging with customers and merchants, and providing free, accessible improved digital infrastructure and technology. This includes customers of all income levels, with a particular focus on those for whom easily accessible cashback rewards are highly valuable and engaging. Contact: David Manasyan, co-founder Company: Omega BaaP Limited Web Address: www.omg.one