Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers.
The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments.
Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.
By using a blockchain ledger to manage how and when the tokens are earned and spent, transactions can be instant, compared to traditional loyalty schemes where it can be weeks before points are made available.
This means that drivers could spend points the second they earn them at approved retailers, which could be a powerful influence on driver behaviour.
Find out more about Watkins’ plans for DOVU in this video from the Auto Captives Summit, courtesy of automotive, consumer and equipment finance software business White Clarke Group.
Watkins notes: “If you tokenise behaviour, then you’ve got nudge economics. Nudge economics is reward-based economics. It isn’t penalising your customer for bad behaviour, it’s rewarding them for good behaviour.
“So, we created a token that we want to be the ubiquitous token for mobility. You get on running your business, you know your customers better than us; we’re just going to have a really simple process to make sure that they are rewarded and they are loyal.”