Banyan Names Citi Veteran Alpesh Chokshi as President

Item-level receipt data platform Banyan has named financial industry veteran Alpesh Chokshi as president.

Chokshi, whose appointment was announced Tuesday (Jan. 9), joins Banyan following a stint as global head of business development for personal banking and wealth at Citi. He has also held positions at Visa and American Express.

“We are thrilled to welcome Alpesh to Banyan,” Banyan founder and CEO Jehan Luth said in a news release provided to PYMNTS.

“He’s a world-class strategist and leader, who throughout his career has forged mutually beneficial relationships between merchants, banks, fintechs, and leading tech platforms.”

The release notes that Choski’s appointment comes as the company has been expanding its platform partnerships, and its item-level receipt data applications.

“I’m thrilled to be joining Banyan,” Chokshi said in the release. “Banyan’s infrastructure provides a unique solution for merchants, banks, and fintechs to leverage the power of item-level data to delight customers and drive growth.”

Based in New Jersey, Banyan’s data infrastructure lets merchants collaborate with banks, FinTechs and other partners to activate item-level receipt data solutions such as loyalty and marketing personalization and fraud and chargebacks prevention.

PYMNTS has collaborated with Banyan on past research reports, including the recent “Leveraging Item-Level Receipt Data: How Card-Linked Offers Drive Customer Loyalty.”

According to that study, while most credit and debit card users prefer to shop with brands or merchants where they are members of loyalty or rewards programs, Generation Z consumers are the exception, the only age demographic that turns more to card-linked offers related to brands.

The research found that 23% of Gen Z consumers had used a card-linked offer program for specific products in the previous 12 months, while 22% used it for merchants. The gap between the two is not that notable, but what is worth remarking on is that, among all age groups, Gen Z is the only one using more card-links for products.

“Although only 13% of loyal shoppers and 19% of new customers are Gen Z, as reported by the study, they represent a potential target for long-term relationships with brands,” PYMNTS wrote. “By offering personalized rewards and relevant card-linked offers, brands can attract and engage Gen Z consumers, driving loyalty and increasing sales.”