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Block23 investor 27_04_2018
1. Introducing Block23
a global initiative offering genomic scans and personal health data
analysis using AI to discover cancer prevention and treatment
3. 3
Genomic projects aren’t delivering
Why genomics are yet to deliver on the promise
To reach the goals of ‘precision medicine’, it is essential to discover how a
person’s genetics, environment, and lifestyle work together to cause disease.
Current efforts face multiple barriers, four of which play a major role:
DATA ACCESS
data held in silos prevents sharing
to improve data quality and enable
discoveries.
DATA ANALYSIS
flawed assumptions from limited
data availability and dependency on
human analysis.
RESEARCH ‘MOATS’
data insights are held within the
research units being funded, without
any incentives for collaboration.
DATA OWNERSHIP
Person’s data like genome ownership
is transferred to the companies doing
the sequencing or research.
4. Block23 Mission
“To become an AI based global registry that enables medical
breakthroughs in cancer prevention and treatment by empowering
people to become the driving force in precision medicine”.
5. What is Block23?
Block23 tokens will provide free genomic scans to over 100,000
people, enabling them to collect and store health data on the
Blockchain. Instead of analyzing small population groups to establish possible
correlations, the breadth and depth of data collected by Block23 will provide the
basis for identifying statistically significant causal relationships.
6. Why the Blockchain and a crypto token?
A Personal Medical Lockboxes (PMXs) gives people a Blockchain account for
collecting, analyzing and sharing medical data, under their full control and
ownership. Medical R&D and health care industry providers offer crypto tokens
in exchange for limited views into their Lockbox, thereby incentivizing people to
place as much of their health data on their PMXs.
7. Block23 &
PMX Token
Medical
service
providers
Physician
Individuals
Insurance Individuals
Pharma
Patients
Precision
medicine
players
Genomic
Data
Follow-
up Data
IoTEMR
Lifestyle
Data
…
Data
Stakeholders
…
The PMX health care token
PMX is the crypto token for exchanging value between people and the health care
industry. As data is decentralized and of high value, people gain power within the
health care industry and benefit from better opportunities for negotiating services
with providers anywhere in the world.
Block23 value eco-system
Device
Mfgr
Devices
8. How Blockchain enables data and records sharing
Current Model: data stored by
3rd parties on their servers
Blockchain Model: data stored on
distributed computer ledgers
Each individual’s medical history, profile and lifestyle patterns are accumulated in
a continuously-updated electronic strongbox, under the exclusive control of the
individual with no 3rd party barriers (governments, organisations…) preventing
data sharing. People are free to share their data as it belongs to them.
9. Creating discoveries via an AI GENOMICS community
Big Data meets AI on an open platform that provides a shared infrastructure for
researchers to use Block23’s Deep Learning and interactive data visualization
tools. In a similar way that developer communities have propelled AI into
everyday devices, the Block23 AI GENOMICS community will evolve machine
learning to identify pathways to disease.
10. AI Community: deciphering Genotype-Phenotype Code
Predicting phenotypes such as the expression of the disease from biomarkers including
all the mechanisms, pathways, and interactions that also include personal histories and
demographics, is beyond the human ability. To enable genomic medicine, machine
learning algorithms will be developed by the Block23 community to interpret the
genome of the cell and its relation to disease, linking the effects of genetic variations
and potential treatment to be explored.
11. Partner eco-system
The Block23 ecosystem focuses on patients/individuals who generate data, and
industry players (research institutes, pharma, insurers, regulators) who need
data insights for research and development of precision medicine.
12. Disease /
Lifestyle
management
Health
Economic &
RWE
…
Block23
Drug & Assay
development
Healthcare
Eco system
Building a trust partnership of people, scientists, medical doctors, and institutions
Millions of people contribute to scientific research under strict privacy and
confidentiality. People are connected to scientists in a wide range of specialties, as
well as universities, research institutes, pharmaceutical, biotechnology companies,
and others participants.
Block23 value creation model
13. R&D
Cancer
care
Patient
recruiting
Patient
Follow up
Data
mining
Share effort on
patient recruiting for
genomic sequencing
& PMXs creation
We all aim to improve treatment and outcomes through personalized medicine
PMXs & token enable
effective follow-up
Sharing analytical
capability like
Block23 deep
learning platform
Provide on-line
cancer care service
support by PMXs and
block23 platform
Enable drug and
assay development
by Genomics and
Medical data
Block23
Developing precision medicine in cancer research and Care.
Block23 is the agent for bringing precision medicine to all areas of healthcare on
a global scale by providing an app for people to connect their data to the
Blockchain. In exchange, they receive crypto tokens for ordering genetic scans
and other cutting edge tests from a world-wide partner network.
Block23 value creation model
14. Client Blockchain App
The Block23 app connects people’s health data on their Blockchain
address , accepts pharma and health care provider token offers for
access to data and services, tracks PMX token spend and balances.
Block23 value creation model
Data Sources
Connectors to social media
Wearables, EHR, scans
Connection Requests
Anonymous requests from
provider via AI query interface
Token Rewards
Access to data granted in
exchange for tokens
15. Project Status and Readiness
Current Project Status
• Team
• Technical
• Legal
• Commercial development
• Funding
16. Name Relevant Experiences
Dr. David Kerr, CBE
Chief Strategy Officer
President of the European Society of Medical Oncology (ESMO) in 2010
Professor of Medical Oncology at Oxford University; more than 400 papers and has an H-Index of 80 associated with over
25,000 citations.
Fellow of the Academy of Medical Sciences in 2000, European Academy of Cancer Sciences in 2006, Honorary Fellow of
Royal College of General Practitioners in 2007, appointed Commander of the British Empire in 2002 by HM the Queen
Health Adviser to two British Prime Ministers, Tony Blair and David Cameron
Former health secretary of Qatar and Scotland
Adjunct Prof at Weill-Cornell College of Medicine, Xiamen University and the Second Military University of Shanghai
Prem Couture
Chief Architect officer
CEO Cyscom-ShareMyinsight (SMI), a UK technology company developing technologies using AI and machine learning for
big data analytics on consumer behavior.
Co-founder at Genex8, a biotechnology and genetic venture formed with leading European scientists at Oxford University in
cancer research with over 20 patents on biomarkers that measure drug response to cancer tumour cells
Developed Blockchain for retail, the REV token and Block23 for breakthroughs in cancer research
Developed IoT sensor fusion and Deep Learning and is the inventor and patent holder of a technology that speeds up the
neural processing of information as generated from computer generated graphics.
Implemented software technologies and solutions with leading enterprises in Retail, Life Sciences, Banking and Finance
Dr. Weiyan Zhu
Clinical Scientist
22 years experience of Pharma and Consumer HealthCare businesses in the areas of GM, Sales & Marketing, R&D, M&A etc.
First Greater China Country Manager in Catalent (CTLT), NYSE
Business head both in China and Western Europe at Boehringer-Ingelheim (BI), a Global top 20 pharmaceutical company
Founder and CEO of first Precision Medicine commercialization platform in China
Established a CLIA, CAP & China standard Clinical lab to service global market
Formed strategic partnership with leading Biotech in UK/US such as the Oxford University Cancer Biomarkers company
Thoracic surgeon at Shanghai tier III hospital
Dr, Gualberto Ruaño
Business Strategy
President and Medical Director of Genomas
CEO and CSO of Genaissance, a NASDAQ public offering and to several R&D partnerships in the pharmaceutical and
diagnostic industries
Record of scholarship and innovation in precision medicine counts over 100 publications and 12 patents as of mid-2017
Invented the CAS System (Coupled Amplification and Sequencing) utilized for gene-guided HIV treatment
One of the 28 alumni in the University’s history honored in the Yale Innovation Timeline.
Developed systems for DNA-guided medicine based on genomics and clinical informatics, pioneered physiogenomics based
on multi-gene DNA markers
Team Status: award winning team of oncologists, geneticists, AI scientists, Blockchain
developers and industry experts Meet the full team
Current Project Status: Team
17. Name Relevant Experiences
Alexander Shivarov
CTO, Blockchain
M.S. in computer science, is a visionary data science executive with broad spectrum of domain expertise
Invented many synthetic metrics that work better than old-fashioned stats, especially on disparate data sets in a Map-
Reduce, Hadoop environment
Developed and implemented computational biology tools and programs to support gene research activities and has
generated and tested hypotheses on genome-scale data using analytical and statistical methods
Pioneered highly innovative visualization, machine learning, optimization and statistical inference solutions for pressing
Healthcare and Life Science challenges using very large scale proprietary and public data sets,
Implemented hyper ledger solutions in the consumer sector (www.revoz.io) utilizing Bigchain DB for solving Ethereum
scalability issues and IOTA Tangle for sensor fusion based solutions on Blockchain.
Konstantin Lomakin
Chief Financial Officer
Head of Corporate Banking at Evrofinance Mosnarbank
Deputy Head of Private Banking Uralsib
Professional corporate banker and independent financial advisor on a diverse range of projects, ranging from commodities
to aerospace engineering.
Multifaceted work experience in banking, private wealth management, financial analysis and sale
Kasper Ditlevsen
VP Sales
Senior Executive in Corporate and Management Consultancy capacity in Health Care, FMCG and CPG sectors.
Experience in operating companies with billion dollar P&L accountability and leading large multi-functional and multi-
cultural teams with industry credentials across the the health care environment.
Equipped with a demonstrable track record of success initiating, developing and executing sales, price, brand, and customer
strategies focused on driving aggressive and sustainable revenue, margin and market share growth
ikolay Belostotsky
AI, Solidity Lead
Master’s degree of engineering and technology in the field of computer science
Led development team at Cyscom, Genex8 on projects with Oxford University and other international institutions
Experienced and background in statistical modelling, data mining, machine learning, operations research, econometrics,
natural language processing, and/or information retrieval. I
Created data models, structured data and implemented algorithms to support analysis using advanced mathematical
methods from statistics, machine learning, data mining, econometrics, and operations research
Team Status: award winning team of oncologists, geneticists, AI scientists, Blockchain
developers and industry experts Meet the full team
Current Project Status: Team
18. Name Relevant Experiences
Kees Roks
CEO Novartis Canada,
Latin America
CEO Novartis Canada-Latin America, Head of Novartis Oncology
30 years of international big pharma experience gained in country organizations (the Netherlands, Germany, Norway, Japan
and Russia) and Regional Management (Europe, Latin America & Canada)
Deep knowledge of all major therapeutic areas within the pharmaceutical industry, responsible for commercial
development activities
Head of the Western European Cluster (WEC) for Novartis Oncology, which included the Nordics Cluster, Belgium, the
Netherlands, Switzerland, Austria and Portugal
Experienced in sales, marketing, project management, strategic planning and general management.. In this role, he is
responsible for commercial development activities.
Prof. Håvard Danielsen
Genetics, Bioinformatics
PhD in medicine from the University of Oslo, Director of the Institute for Cancer Genetics and Informatics at Oslo University
Hospital (Norway)
Expertise in DNA- and chromatin organization, using informatics as a tool to study genomic changes in cancer.
Department of Informatics, University of Oslo, and at Nuffield Division of Clinical Laboratory Sciences at the University of
Oxford.
PI of the DoMore! project, which was the winner of a prestigious Lighthouse Project grant from the Norwegian Research
Council, serves as a PI at the Centre for Cancer Biomedicine
Mick Yates
GTM Strategy
Company Group Chairman (Regional CEO) of Johnson & Johnson and at Procter & Gamble in Asia-Pacific
COO Dunnhumby, created partnerships with Clients across the world and led Dunnhumby’s sale to Tesco and Kroger
Visiting Professor at University of Leeds Business School,
Board advisor on the leadership, strategy implications and practical application of data based insights with a successful track
record as senior Exec & Board Director in global firms, consultancy, start-up & non-profit.
Alex Borissov
Financial Strategy
Founding partner and Director of the Board of Finaport AG, a Swiss wealth management firm
AIG Private Bank AG, Zurich, assuming responsibility for Private Banking in Central
Credit Suisse managing operations in Eastern European and Asia
Expertise in providing investment strategies and solutions to institutional and individual clients
Team status: award winning team of oncologists, geneticists, AI scientists, Blockchain
developers and industry experts Meet the full team
Current Project Status: Team
19. • BI, AI and IoT platform from founders provided (see next slide)
• Genomic sequencing, bio-informatic researcher tools
• Data management, ETL, analysis of types of genomic, health records,
fitness data
• Data enriching from 3rd party sources, AI platform, IoT sensor devices
• Big data analytics, distributed computing platform and infrastructure
• Interactive, customizable analytical web tools and mobile and browser
dapp for data uploads and sharing
• R&D team collaboration application, notification, sharing, messaging
• Target database of 10M people for blockchain health data
• Blockchain loyalty and token exchange wallet
Technical status: ready developed, implemented AI-Bioinformatics
platform and tools, user app
Current Project Status: Technical
20. Legal status: ready non-profit foundation and commercial partnership
Current Project Status: Legal structure
R&D
Pharma
Service
Partners
Revenue share
agreement
IP agreement
Direct Sales
Block23
LLC
Block23
Non profit
Sales via
Partners
• Block23 Montenegro non-profit foundation for cancer research
and ICO offering
• Block23 UK LLC for commercial operations, IP development,
investor participation
• Legal agreement between LLC and Foundation for data purchases
• Legal agreement between Foundation and LLC for IP usage
Direct Sales
21. Go to market status: sales channel development through Block23 LLC
Current Project Status: Routes to Market
R&D
Pharma
HC
Services
Patient discovery,
drug trials
Block23
LLC
Patient
treatment
AI Genomics,
Bioinformatics
Service
Partners
Routes to market
• Team member offices and engagements in EU, US, CIS,
China, India and Middle East
• World wide network of industry partners in pharma,
hospitals and service providers
• Direct sales to Pharma, research institutes, providers
• Sales via industry channel partners delivering services
Sales
agreement
22. LLC and Partner revenue forecast
Data access fee for drug/assay development, RWE, health economic analysis etc.
Patient recruiting for clinical trials
Products and services for patients & individuals
See Appendix for further details
Current Project Status: Commercial
Revenue forecast: Block23 non profit and LLC/Partners
Non-Profit revenue forecast
Gateway fees for crypto transactions processing
Royalties from data collection and analysis
Total Non-Profit Revenues USD Year 1 Year 2 Year 3
Description
Gateway Fees 483,125 825,375 1,670,750
Royalty Revenue 2% $1,995,067 $3,905,403 $10,236,504
Total Revenues $2,478,192 $4,730,778 $11,907,254
Partner USD
Total Partner Revenues USD Year 1 Year 2 Year 3
Description
Data Access Fees $93,900,000 $158,800,000 $317,600,000
Recruiting Fees $5,851,716 $19,970,163 $115,225,183
Product/Service Purchases $1,620 $16,500,000 $79,000,000
Total Revenues $99,753,336 $195,270,163 $511,825,183
23. Current Project Status: Funding via Pre-ICO
Use of Proceeds: allocated for PR and Marketing for public ICO
Social Media Marketing, PR and Events
Targeted Geographies: all English speaking countries, Japan, China, Vietnam, S. Korea
Events and Blockchain Conferences: Consensus, Coin Telegraph, Blockchain 360
Context Ads: Google, YouTube, Facebook, Adroll
Media: 99 Bitcoins, Bitcoin Magazine Bitcoin.com, NewsBTC, CoinTelegraph, Bitcoinist, TheMerkle The Blockchain,
Bitcoin News,
ICO trackers: icoalert, icoindex.com, coinschedule, tokenmarket
Content Marketing: social networks (Facebook, Twitter)
Community Management: Bitcointalk, Reddit, Slack, Medium, Steamit.
General Media
Business Insider, CNET, eWeek, InformationWeek, TechCrunch, TechRepublic, The Next Web, VentureBeat, The
Verge
Non profit fund raising: private, pre-ICO in planning stage
• Pre-ICO planned for May/18
o Pre-ICO sale: private pre-ICO, maximum funds raised: PMX token sale, approx. $1 to $2M
o Smart contract security tested, legal terms and conditions in compliance with jurisdiction and
investor domiciles
24. Current Project Status: Funding via Public ICO
Use of Proceeds
R&D
Platform development focused on customization tools, and
integrations with crypto exchanges.
Reserve Fund
15% of funds from the sale will used as a reserve fund for
supporting token
Business Development
Business development efforts and partnerships with pharma,
health care providers, insurance partners
Marketing
Marketing activities include free genomic scans for the first
50,000 to 100,000 registered users which represents the major
portion of the use of funds.
Non profit fund raising: public ICO in planning stage
• Public ICO planned for June/18
o Token sale: public ICO, maximum funds raised: PMX token sale, approx. $50M
o Token type: exchangeable and tradeable utility token for managing eco-system transactions
between pharma, medical institutes, health care providers, consumer
o Smart contract security tested, legal terms and conditions in compliance with jurisdiction and
investor domiciles
25. Current Project Status: Shareholder Contribution
TECHNOLOGY Transfer from Block23 LLC and
Founders of ShareMyInsight: platform and suite
of applications
AI and Big Data analytical platform
a complete BI platform with predictive models, Deep Learning algorithms, visualization
Interfaces, dashboards and team collaboration.
http://www.sharemyinsight.com/index.php/retail-ai-technology/
Internet of Things technology
IoT fusion networks and sensors for live streaming health data for real time analysis
http://www.sharemyinsight.com/index.php/products/
Open developer platform
Development tools to create and deploy Blockchain collaboration apps
IP at build cost: $36 M USD
26. Appendix – Revenue Model and Forecast
• Block 23 LLC and partners revenues
• Block 23 non-profit revenues
Appendix
27. 27
Block23 LLC and Partner Revenues
Data Access Fees for drug/assay development
On average, a successful new drug development costs $2.6 billion with a development cycle of 10-15 years
time. PMX data access fee between 200 to 80,000 tokens ($200 - to $5,000 USD) depend on the grade of data
(G1 to G5). A reasonable forecast of revenues in years is 5,081,600,000 token ($317,600,000 USD) .
Data Access fees Y1 Y2 Y3
Grade
token/
PMX
Num.
PMX
Avg.
use rate
Total
Tokens
Num.
PMX
Avg. use
rate
Total
Tokens
Num.
PMX
Avg. use
rate
Total
Tokens
G1
3,200 10,000 0.3 9,600,000 30,000 0.3 28,800,000 60,000 0.3 57,600,000
G2
16,000 12,000 0.4 76,800,000 50,000 0.4 320,000,000 100,000 0.4 640,000,000
G3
32,000 25,000 0.5 400,000,000 35,000 0.5 560,000,000 70,000 0.5 1,120,000,000
G4
48,000 15,000 0.7 504,000,000 20,000 0.7 672,000,000 40,000 0.7 1,344,000,000
G5
80,000 8,000 0.8 512,000,000 15,000 0.8 960,000,000 30,000 0.8 1,920,000,000
Total
70,000 1,502,400,000 150,000 2,540,800,000 300,000 5,081,600,000
*MS%
0.94% 1.59% 3.18%
* Market share = Value of token covert to USD/Personal Health Data market estimated ($10Billion)
Values are in PMX token at rate of exchange 16 PMX to $1
Annual Revenue= total PMXs created in Block23 x Avg. use rate x access fee (token) per PMX; access fee will be
shared between company and owner of PMX
Key Success Factor: Specific datasets need to be developed to fulfil different R&D needs. AI & bio-informatics
platform are critical.
28. 28
Block23 LLC and Partner Revenues
Patient recruiting for clinical trials
• Market share = Num. of trials involved /total cancer related clinical trials (41,280); average 20% recruited
patients from Block23 for each trial.
• Annual Revenue = charge (token) per patient be recruited into the clinical trials x Num. of patients
Patient recruiting Y1 Y2 Y3
token/patient
No.
patients
No.
trials
Total Tokens
No.
patients
No.
trials
Total Tokens No. patients No. trials Total Tokens
Phase I 29,640 300 75 8,892,000 500 125 14,820,000 1,000 250 29,640,000
Phase II 25,782 1,000 50 25,782,400 3,000 150 77,347,200 10,000 500 257,824,000
Phase III 16,463 3,000 50 49,387,520 8,000 133 131,700,053 80,000 1,333 1,317,000,533
Phase IV 2,391 4,000 10 9,565,536 40,000 100 95,655,360 100,000 250 239,138,400
Total
8,300 185 93,627,456 51,500 508 319,522,613 191,000 2,333 1,843,602,933
total patients
166,667 666,667 2,000,000
recruit rate% 5% 8% 9.6%
*MS%
0.4% 1.2% 5.7%
The recruiting fee is charged per study. The service fee of approximately PMX tokens 592K to 4,200K per study
($37K to $300K USD) is based on table 2 in ASPE report. A reasonable forecast is 191,000 patients, 10% of the
total Block23 patients are recruited for 2333 clinical trials at year 3, generating revenues of PMX 1,843,602,933
($115, 225,183USD). https://aspe.hhs.gov/report/examination-clinical-trial-costs-and-barriers-drug-
development
Values are in PMX token at rate of exchange 16 PMX to $1
29. 29
Block23 LLC and Partner Revenues
Services and Products
Personalized services and/or products based on personal health data in Bloch23 platform, such as:
• On-line disease management like cancer screening and monitoring
• On-line health care consultation i.e. nutrition, self-medication for individuals
• Personalized products i.e. Direct to patient (DTP) pharmacy and personal nutrition capsule
Service fees & product sales of approximately PMX 480 to 1,600 per ($30 to $1,000 USD) can be charged. A
reasonable forecast is 5% to 10% of the total Block23 individuals are using these services or buying products at
year 3, generating revenues of PMX 1,264,000,000 ($79,000,000 USD).
Services & products Y1 Y2 Y3
token/services
or products
Users
Coverage
%
Total
Tokens
No. PMX
Coverage
%
Total
Tokens
No. PMX
Coverage
%
Total Tokens
personalized
products 480 4,000 2% 1,920,000 50,000 5% 36,000,000 150,000 5% 144,000,000
on-line
consultation 800 10,000 4% 8,000,000 70,000 7% 84,000,000 300,000 10% 480,000,000
online disease
management 3,200 5,000 2% 16,000,000 30,000 3% 144,000,000 100,000 3% 640,000,000
Total 25,920,000 150,000 264,000,000 1,264,000,000
Total Users 250,000 1,000,000 3,000,000
frequency
/year
1.0 1.5 2.0
Values are in PMX token at rate of exchange 16 PMX to $1
• Annual Revenue = Avg. selling price (token) per product/service x Num. of buyers/users
30. 30
Block23 Non-Profit Revenues
Gateway Fees
Gateway fees are transactional fees for purchase of PMX tokens by providers (e.g. insurance companies, pharma,
retailer) or when tokens are redeemed by people for purchasing a service or product. For example: a pharma
company purchases PMX on an exchange for recruiting patients on a drug trial and tokens are then issued to the
wallet address of the pharma for a smart contract to recruit patients
The following forecast is based on 0.5% gateway fee of total transactions: data access fees (9.1) + patient recruiting
fees (9.2) and service/product purchases (9.3), generating revenues of PMX token 26,732,000 ($1,670.750 USD) at
year 3.
Values are in PMX token at rate of exchange 16 PMX to $1
Royalty Fees
Royalty fees are based on gross sales generated by Block23 LLC and partners
Transaction Fees PMX Year 1 Year 2 Year 3
Description
Total transaction amounts 1,546,060,000 2,641,212,000 5,346,416,000
Gateway fee % 0.50% 0.50% 0.50%
Total Transaction Fees 7,730,000 13,206,000 26,732,000
Total Non-Profit Revenues PMX Year 1 Year 2 Year 3
Description
Total sales amounts 1,546,060,000 2,641,212,000 5,346,416,000
Royalty Fees 2% 30,921,200 52,824,240 106,928,320
Total Royalty $30,921,200 $52,824,240 $106,928,320
31. 31
Block23 Non-Profit and LLC combined revenues
Total Combined Forecasted Revenues
Total forecasted combined revenues from non-profit and LLC at year 3 is 548,793,687 USD.
* Does not include revenues from new product lines
Total Combined Revenues USD Year 1 Year 2 Year 3
Description
Data Access Fees $93,900,000 $158,800,000 $317,600,000
Recruiting Fees $5,851,716 $19,970,163 $115,225,183
Product/Service Purchases $1,620 $16,500,000 $79,000,000
Gateway Fees $7,730,000 $13,206,000 $26,732,000
Royalty Revenue 2% $1,995,067 $3,905,403 $10,236,504
Total Revenues $109,478,403 $212,381,566 $548,793,687
1. In a recent examination of more than 140 loyalty programs, Cap Gemini, a leading consultancy and Research company, found that only a few customers actively engage in loyalty program with 89% of the social media conversations express a negative tone in relation to the program in question. Particularly the sentiment towards the Telecom, Consumer Electronics and Retail sectors show extremely negative reviews, with 96%, 94% and 93% of customers unsatisfied by the loyalty program offered.
Cap Gemini: loyalty programs fail http://www.consultancy.uk/news/2317/customer-loyalty-programmes-fail-to-capture-consumers
44 % of consumers say they are dissatisfied with the loyalty programs because of the lack of personalised offers and opportunities to exchange the accumulated points for products.
33% think that the programs lack consistency across different channels, for example when points collected cannot be used via smartphone or online channels.
2. There are enormous liabilities of billions of unused points on retailer balance sheets that keep on growing over time, in the UK over 6 billions sterling alone:
This Money: Aimia profits fall http://www.thisismoney.co.uk/money/news/article-3277215/Nectar-profits-fall-60m-despite-rising-sales-canny-shoppers-cash-points.html#ixzz4r8gMUUmB