Startup Stories: Meet iOwn
[MUSIC] iOwn is a mobile appwhich allows consumers to aggregate their loyalty pointsacross all the ownerships, whether it be credit cards, debitcards, frequent miles programs, retailer loyalty points, oreven hotel loyalty points.
It also allows you to aggregate or get notified about the deals andoffers, personalized to you based on yourlocation on your respective brands.
Now, you'll ask me why iOwn,what does iOwn mean? Now, as I mentioned earlier, iOwnallows to consolidate and aggregate your loyalty point, so I'll startwith my example as to why iOwn.
I and my husband both havevarious loyalty points.
We have credit cards, we have memberships offrequent miles programs.
I'll give an example whereit comes to Air India.
Today I have 3,000 to4,000 miles in Air India, whereas I can't use those milesbecause they're not allowing me to because they need minimumloyalty points to be redeemed.
Or I will not evenget the ticket for those 3,000 to 4,000 miles to flyfrom New Delhi and Mumbai as well.
So what should I do with them? I can't do anything,I will end up lapsing them.
Another example I'll give youabout the offers and discounts, we continuously dine out,or we are shopping.
For example,I was shopping on Big Basket for grocery a couple of days back.
Once I finished my shopping, Irealized that I had a 15% discount, which was offered on my Citibankcredit card, but by the time I realized it, I already paid up andused my HDFC bank credit card.
So, this is why iOwn, which allows you to consolidateaggregated loyalty points and make sure that you can replacethem to maximize your benefits.
Retailers today are spending0.
5% to 1% of their sales in giving loyalty pointsto drive more sales, to convert the consumersloyal to their brands.
So what is the problem here? The problem is that with somany choices around in the market a consumer has, consumer end upsigning operators loyalty programs.
But they hardly remember thoseof where they have signed up for the loyalty programs, how many points will theyhave on the loyalty programs.
When are those points expiring, and what are the offersthe brands are offering them.
So these are the problems thatiOwn is trying to cover for the consumer and how the solutionthat iOwn is bringing for the consumer is that consumer willbe allowed to consolidate and see the value in INR forthose loyalty points.
So today if they have, let's say,10,000 points on Jet Airways or 5,000 points on Air India ormaybe 5,000 at Shoppers Stop, the total cumulated value of thoseloyalty points can be 5,000 rupees, which they will be seenon the iOwn dashboard.
They will also get the notificationson the offers which are running, depending on the locationthat they're at.
So if you walk into the mall, in themall, whatever brands you are loyal with, you will get the notificationon what offer they're running by brands and on the creditcard that you're holding.
We're usingMicrosoft Azure platform, especially the autoscaling feature,which helps us in managing the user growth over the period of time foriOwn app.
As we all know, being a startup,we're always worried as to how we can minimize ourcost in the initial phases.
By granting us the Bispark Plusmembership, Microsoft has helped us with saving a lot ofmoney in the initial phases.
And additionally, they've alsooffered us the advanced features, such as Azure mobile apps and Blob storage, which we can useto the benefit of our iOwn app.
iOwn, as the name suggests, doesnot only mean to consolidate your loyalty points oryour offers or deals.
Going forward, we will create awallet which will allow consumers to even consolidate all theirownership, such as mutual funds, equities, policies, and can availthe benefit out of these ownerships.