Dubbed Platform Solutions, the new offering is decidedly more creative than the product name itself and is broken down into three services:
- Cardlytics Audiences:
Targets customers using campaigns across a variety of media types that leverage past purchase data to predict future spending behavior.
- Cardlytics Measurement:
Helps marketers measure and optimize marketing strategies by using actual customer purchase data across 1500 financial institutions.
- Cardlytics Insights:
Helps businesses understand customer spending behavior across all brands to help make strategic business decisions pertaining to marketing, merchandising, real estate, etc.
The Atlanta-based company got its start with a card-linked offers solution, Cardlytics Direct. This flagship product allows financial institutions to provide merchant-funded rewards within its online or mobile banking application to boost customer loyalty. Big-name financial institutions such as Bank of America, PNC, MasterCard, and Fiserv are already using Cardlytics Direct.
While Cardlytics is primarily promoting Platform Solutions to retailers and marketing agents, the company also sees opportunity for financial services to use the new offering, stating on its website:
“Whether banks want to leverage Cardlytics Direct to provide a rewards-based loyalty solution, or they want to use Cardlytics Platform Solutions to improve their marketing of other bank products and services, Cardlytics can help.”
Cardlytics has been using customer spend data for a few years already (watch the company’s FinovateFall 2013 demo), but today’s launch is the first focused product offering leveraging customer data.