Atlanta-based rewards company Cardlytics now counts 33 million active users at 400 financial institutions. “Scale matters,” SVP of marketing Kasey Byrne told Bank Innovation. The company also shared its product development plans with Bank Innovation, and those plans are notable. In September 2012, the company had 320 bank clients, so it’s added around 80 bank clients in eight months, or 10 banks a month. It also counted 75 million active users at that time, according to Rod Witmond, senior vice president of product management and marketing. That count suggests the company has adjusted its metrics for counting active users. Cardlytics works like this: from a customer’s online or mobile banking environment, either on the transactions page or on the dedicated rewards center, offers appear. These offers are keyed off of actual transactions. For example, if a banking customer has transactions from Coffee Company A, Coffee Company B can place an offer on that transaction line or in the rewards center offering a free coffee at their restaurant. The customer opts in to the deal — and Cardlytics claims a strikingly high 15% click-through rate on offers — and then it is loaded onto his card. When he makes a purchase at [...]
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