Micro-investing app Raiz Invest is partnering with the University of New South Wales (UNSW) to use the university’s machine-learning technology to optimise its Raiz Rewards offering.
Raiz Rewards is a loyalty reward programs that allows users cash back for shopping online at the 165 merchants who have partnered with Raiz. The partnership with UNSW will see the application of the university’s machine-learning engine to Raiz Rewards to optimise recommendations and offers to users based on personal preferences.
George Lucas, Raiz managing director, said the engine will function as a combination of Amazon’s algorithm that shows that one item is often purchased with another item, and Netflix’s recommendation that people who watched one show often watched another.
“We’re hoping to punch above our weight on research,” Lucas said. “UNSW has a lot of great people working there, and it’s a great collaboration because especially in machine leaning and artificial intelligence, a lot of it is about the data. We have a very rich data set, and the universities have very smart brains about the latest and greatest in algorithms and tech with machine learning and AI. The university benefits because they publish papers on the results they get, and we’re benefiting because our ultimate aim is looking at ways to improve the user experience.”
Raiz Rewards is a cash-back product. If member shop with one of the Raiz partners, the partners put a dollar amount of percentage of purchase price into the Raiz account. Raiz notes that the company “may also be paid a fixed amount or percent of your purchase price from promoting the partner brand.”
“By implementing the recommendation engine, the recommendations that appear to you are not just based on what other customers bought, but also looks at who you are and combines all of that data,” Lucas said. “You get more relevant recommendation about what brands might suit you. When you have more than 165 brands on Raiz rewards, rather than searching through them, you can rank them and therefore that makes the user experience better.”