Raiz Invest to introduce machine-learning technology to its platform
Through a partnership with UNSW, Raiz will use machine learning to give users more personalised offers though Raiz Rewards.
Micro-investing app Raiz Invest (previously Acorns) has announced a new partnership with the University of New South Wales (UNSW) to deliver machine-learning technology to its Raiz Rewards offering. Raiz Rewards is a type of loyalty rewards program which gives Raiz users cash back for shopping online at partnering retailers. Instead of going into a users bank account the cash reward is diverted to the user's investment portfolio with Raiz.
Currently users can browse all 165 partnering merchants via the Raiz Rewards option in the Raiz Invest app, and click through to the brand's online store to make a purchase and receive the reward. The new machine-learning engine developed with support from UNSW and the NSW Government will instead be able to recommend brands and offers to users based on their personal preferences.
The engine will be able to offer users products and brands in a similar way to that of Amazon's "this item is often purchased with this other item", and Netflix's "people who watched this, also watched that" functionality. Managing director of Raiz Invest George Lucas said the machine learning functionality that they've developed for Raiz Rewards will take elements from both these item-based and user-based learnings.
"By combining these user-based and item-based frameworks, the platform is able to better define what we mean by the right product and the right customer. It's exciting from a technical perspective but even better for customers. They will receive a higher level of personalisation and more relevant recommendations when using our platform," he said.
Lucas said this new functionality was another example of how Raiz Invest is designing its platform to best meet the needs of its user base, which largely consists of young Australians. "Millennials have grown up with technology at their fingertips. They expect all their interactions to be easy to navigate and, above all, customised to their needs. We had this customer in mind when partnering with UNSW to bring machine-learning to the Raiz platform. We're passionate about finding new and innovative ways to add value to everyday lives. Helping customers find the right rewards for their needs is a key part of this."