Data analytics and powerful computing networks are changing the way businesses behave, and uncovering new business models in the process. Cardlytics has carved out a lucrative niche pairing marketers with banks and credit card holders.
Cardlytics allows marketers to tap into all the data stored in credit card/banking data. It was set up when the founders realized that banks were sitting on a wealth of useful data.
The company's product helps customers get more relevant rewards, marketers receive more qualified leads and banks get more loyal customers. Cardlytics earns a fee for maintaining the platform.
The main challenge for Cardlytics in this data-sensitive era will be making sure that it addresses any privacy concerns. It uses anonymized data, which helps, but it needs to be especially careful as slip-ups could be very damaging to its credibility.
Kirsty
Company Specialist at Welcome to the Jungle