Financial transactions are increasingly going digital as the processing power of computers, devices and software implementations to leverage hardware get more and more innovative. At first, this posed a problem to companies since they could not easily manage customer data .but this is no longer a problem with the big data mining revolution that already in full swing.
A number of companies have come up with solutions to help companies make sense of the vast amounts of data collected during these digital transactions. For instance, Cardlytics has been helping banks and retailers deliver timely and relevant offers to customers since 2008.
By collecting and keeping track of the kind of services you pay for using your credit card, Cardlytics can deploy relevant adverts to customers, either through emails or by displaying the information as an advert on the transaction page.
Cardlytics was initially operating only in the US, but it has plans to go beyond. First on the list is the UK, where the company is already collaborating with at least one of UK’s biggest banks. The geographical expansion is, however, just a tip of the iceberg. The company also plans to widen its data deployment and mining fields to include “omnipresent” Facebook (News - Alert). The social site will be a good place for Cardlytics to deploy its adverts while tailoring them to meet the taste and preferences of your day-to-day online activities suggest. Though still in the design phase, Cardlytics plans to deploy a Facebook app that allows customers to go through offers and rewards that Cardlytics has on offer directly from their Facebook accounts.
With the entire business of monitoring client transactions and trends, and using the collected data to channel relevant adverts to them raising privacy concerns, Cardlytics assures customers that it collects no personal information during the whole process. The app will use an anonymous token ID gotten from the bank to connect to the customers Facebook ID.
Jason Brooks, managing director, Cardlytics U.K., feels that by extending the reward program to Facebook, banks will now have the opportunity to interact with their customers on a more open field without jeopardizing client’s security.
This is good news for banks and customers since information will now be accessible in real time hence increasing the efficiency of the whole program. With its power to pinpoint a customer’s purchase behavior, the move to Facebook opens up a better channel to effectively use this information.
Edited by Ashley Caputo