Capital One is using Foursquare to push offers to customers
Location-based data and analytics platform Foursquare is helping banks deliver location-based offers to customers at partner retailers.
Location-based marketing can be a valuable tool to raise the profile of a brand, but there are issues with permissions and seeming too intrusive to the customer.
Capital One is piloting the use of location-based customer data to push offers to customers who shop at partner retailers.
The bank has been working with data and analytics platform Foursquare to roll out real-time notifications within the mobile banking app. Foursquare, a nine-year-old company that began as a checkin app, is now using its technology to help brands push offers to users based on their location using its software development kit Pilgrim. Capital One has been beta testing location-based offers for a year, with the goal to drive up adoption of its cards at selected retailers and purchase categories.
“They use our tools within their app that enables them to recognize using Pilgrim when a phone is in your pocket or and when [the customer] has walked into 105 million countries that detect where you are,” said Foursquare CEO Jeff Glueck, speaking at Benzinga’s fintech conference in New York on Wednesday. The technology allows for real-time messaging and analytics, letting banks message contextually relevant offers to consumers physically located at partner retailers.
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SUMAN BHATTACHARYYA
TEARSHEET
MAY 17, 2018
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