The banks' billion-dollar idea
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It's better than Groupon and LivingSocial,
Based on that data, retailers are offering targeted discounts via the banks through text messages, email and online bank statements
Typically, the bank takes a 25% cut of that fee and pays the rest to an intermediary, like Cardlytics
Instead, retailers describe what type of customer they'd like to target and the bank then sends the deal to customers who fit the profile
The banks don't actually hand over your data to retailers
When the customer cashes in on the deal, the bank gets paid a commission
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