Cardlytics wins Lloyds Banking Group’s ‘Build an Open Bank Challenge’ Hackathon
ATLANTA, GA – Dec. 18, 2017 – Cardlytics, a purchase intelligence platform that makes marketing more relevant and measurable, has won Lloyds Banking Group’s ‘Build an Open Bank Challenge’ Hackathon.
The event tasked some of the biggest names in the finance and technology worlds with showing how bank partners can make the most of regulatory and commercial Open Banking APIs to support the needs of customers.
Cardlytics’ successful idea centered on the guiding principle that customers must see real value to ensure a meaningful data exchange in a world of Open Banking. The team developed a prototype that would use data to build a privacy-safe 360-degree view of customer spend, including spending habits, demographics, real-time location, and key life changes, so they don’t miss out on uniquely relevant and valuable offers.
The winning Cardlytics team comprised specialists from both its UK and US offices, bringing knowledge and understanding of delivering customer rewards in two of the world’s most competitive retail banking landscapes.
“We believe Open Banking presents a major opportunity for Cardlytics. As banks try to build loyalty among new and existing customers, they will need to help customers understand the value in sharing data by developing platforms that provide even more relevant and timely offers,” said Campbell Shaw, Head of Banking Relationships at Cardlytics. “Our history of running major reward programs in a privacy-focused way means we’re well positioned to help them do this.”
Lloyds’ ‘Build an Open Bank Challenge’ came as part of its Inspire Series. It enabled Lloyds Banking Group and partners to explore opportunities in light of the forthcoming Open Banking regulation.
Aneet Morar, Head of Digital Partnerships and Ecosystem Development at Lloyds Banking Group, added: “Next year banks have a golden opportunity. But as we seek to build a better understanding of our customers, transforming the way they engage with us, we need to make sure we put them first. Ultimately the Cardlytics team separated themselves by answering the question which will be posed by all customers: ‘what’s in it for me?’”
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Cardlytics uses purchase-based intelligence to make marketing more relevant and measurable. We partner with more than 2,000 financial institutions to run their banking rewards programs that promote customer loyalty and deepen banking relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in London, New York, Chicago and San Francisco. Learn more at www.cardlytics.com.
Crystal Cooper, Senior Marketing and Communications Manager, Cardlytics, firstname.lastname@example.org