Banks can now attract and retain new customers with a new fintech startup, Upgrade Pack, founded by Craig Unsworth and Urchana Moudgil.

Upgrade Pack’s new fintech-based loyalty platform enables banks to reward their most valued customers with access to exclusive flight and hotel upgrades.

Upgrade Pack will initially be available as part of a premium bank account or credit card. Each type of provider funds access to Upgrade Pack through a cost per user subscription to build loyalty and retention.

Banks need rewards to be innovative but low-maintenance and cost effective to run – however resource, legacy IT and focus on acquisition make it difficult for banks to innovate. Upgrade Pack’s ‘plug and play’ marketplace technology mitigates the need to integrate with banks’ own systems to connect users with exclusive, always-discounted offers on unused premium airline seats and hotel rooms, all accessible through an elegantly designed app.

Craig Unsworth, founder and CEO ofUpgrade Pack said: “Upgrade Pack enables innovative companies to reward and retain their most valuable customers and employees.

“We do this by giving them access to something everyone would choose if they had the choice: upgraded travel. The loyalty market has for too long suffered from ‘rewards’ that simply aren’t perceived to be rewarding, even at the premium end of the market.

“By bringing our clients a solution that gives their most valuable customers access to upgrades at a price point that is attractive, while also maximising the low cost of subscription models, we not only help clients retain but also acquire new customers based on the high-perceived value we know that an upgrade holds.”

The company has also announced its advisory board, comprising notable experience within fields that align directly with Upgrade Pack’s key target industries including: Loyalty (Jan-Pieter [JP] Lips, ex Aimia and now at Adyen); Financial Services (Joe Norburn, formerly of RBS and Coutts, now CEO of Recordsure) and Technology (Peter Dolukhanov, who founded mobile specialist Nice Agency before selling it to Karmarama, now part of Accenture Interactive).