The Grass Roots Group, the country’s largest motivation and management services agency, will launch The Bonusbank next month.
Individuals will have their own award account with Bonusbank where they can deposit their rewards and, like a bank account, they will be able to make withdrawals by ordering “cash” in the form of Bonusbond vouchers. The Bonusbank will also provide Bonuscheques which can be personalised to the recipient from the company that provided the incentive. Individuals will be given a Bonuscard, which will give them access to their account to check their balance, and order Bonusbonds or alternatives such as store vouchers, mail order goods or book travel arrangements.
Account holders will be able to carry out transactions 24 hours a day, seven days a week by using an Interactive Voice Response (IVR) system and the Internet.
Commenting on the future of the incentives market, Grass Roots marketing director Nigel Cover says: “The time is now ripe to introduce a new range of incentive schemes and products with the advent of the single currency and also a possible change in taxation on UK benefits. We have been working with our European partners to take advantage of these developments.”