Banking app Cake allows users to share in the revenue and is getting ready for the Belgian launch this autumn
Early this year, Davy Kestens, a 31-year-old technology entrepreneur who had been successful in Silicon Valley with his previous company, first unveiled his plans for Cake. Today, the name and functionalities of the innovative banking app were unveiled.
Improving financial well-being
Cake wants to become a leading software technology provider that analyzes financial data to help people better understand, control and improve their finances. Supported by a business model that shares its revenue with the users.
It’s our goal to improve the financial well-being of all of our users. And we believe that with technology we can make a difference.
With Cake, we’re trying to drastically improve day-to-day banking by helping you better understand how you’re doing compared to your peers, suggest ways to improve your finances and make your bank accounts profitable again.
The innovative free banking app will allow users to manage the accounts of different banks intuitively from a single neutral app. Cake will also analyse the anonymised financial data of its users in order to provide personalised and proactive insights and advice on their spending. In addition, users will also be financially rewarded for using the app. By using the app and making purchases from Cake’s commercial partners, they will be able to enjoy Rewards, amounts that are deposited on the bank account they have linked to Cake.
Cake offers companies accurate and real-time insights and statistics about their market, competitors and customer segments by analysing and processing the anonymised transaction data of the Cake users. Of course, without revealing the identity of the users.
This disruptive business model allows the users to share in the revenue and making bank accounts profitable again.
Nowadays consumers start to understand the value of their data. Since the implementation of GDPR, they have been flooded with requests to give permission for cookies and to receive mailings. As a result, consumers are becoming more aware of the value of their personal data. Cake believes that its users are entitled to their share of this cake and pays them each time their data is processed in paid statistics.
Already a success
Even before the app was officially announced, more than 5000 people had already registered on a waiting list. Some of them will be able to use a trial version of the app that will be released in a few weeks.
But also on the business side, the expectations are high. Several commercial partners have already agreed to participate.
Cake intrigued us because it offers the opportunity to discover our customers’ behavioral patterns and that of like-minded people, in a well-founded, analytical way.
It is also a valuable tool for gaining insight into potential partnerships, and thereby it allows Foodmaker to explore how to offer its customers an even better experience.
At AVA, we are always looking for new ways to reward our customers for their loyalty.
Cake offers a new and unique platform that brings direct benefits to our customers and new insights to us as a retailer.