Bank of America’s new reward service, BankAmeriDeals, leverages software developed by Cardlytics to offer Bank of America credit and debit card customers increasingly targeted promotions. Deals are redeemed when a customer makes a purchase at a featured merchant using their payment card. The reward is then credited to the customer’s cash back balance.
If the service is successful, Bank of America customers may become more attached to their online banking relationship, and less likely to switch banks..
Customers “don’t have to clip coupons,” Tara Burke, the Bank of America spokeswoman, said. “They’re not [going] store to store to figure out who has the best deal. It’s about deepening relationships with our customers.”
While many customers are likely to appreciate the offers, others will question the practice of a financial institution sharing transaction information with third parties, even if the data is not personally identifiable.
Bank of America’s new reward service, BankAmeriDeals, leverages software developed by Cardlytics to offer Bank of America credit and debit card customers increasingly targeted promotions. Deals are redeemed when a customer makes a purchase at a featured merchant using their payment card. The reward is then credited to the customer’s cash back balance.
If the service is successful, Bank of America customers may become more attached to their online banking relationship, and less likely to switch banks.
Customers “don’t have to clip coupons,” Tara Burke, the Bank of America spokeswoman, said. “They’re not [going] store to store to figure out who has the best deal. It’s about deepening relationships with our customers.”
While many customers are likely to appreciate the offers, others will question the practice of a financial institution sharing transaction information with third parties, even if the data is not personally identifiable.
Read full story: http://www.foxbusiness.com/news/2012/01/24/bank-america-to-roll-out-deals-service-to-cardholders/
