By Robin Madell, San Francisco
Tradition may come to mind before innovation when thinking about the financial services industry. But for Lynne Laube, president and COO of Cardlytics, Inc., innovation has consistently come first. “I have always been excited by innovation and knew that was where I wanted to focus my career,” she explained.
After starting her career at Bank One and then spending 13 years at Capital One, most recently as vice president and COO, Laube decided to take a more entrepreneurial route. She co-founded Cardlytics, which offers targeted advertising within banking, in the summer of 2008 with Scott Grimes, Cardlytics CEO. Yet even while serving in her earlier roles in banking, Laube was always on the lookout for opportunities to innovate—and found several.
Over the years, Laube worked on products that have since become ubiquitous in the industry, but at the time were cutting-edge, such as balance transfer, micro-business lending, and private-label lending. “I love creating new products, building new businesses, and trying new models,” she said. “When I joined Capital One, they were at the forefront of innovation within consumer and business lending.”
Toward the end of her tenure, she began focusing on payment innovation, and played a major role in the creation of decoupled debit, a groundbreaking and controversial product. While the product ultimately was unsuccessful, Laube’s work in this area helped her see the potential for other innovations with financial services. “I suspected it would be easier to innovate from a new company rather than within the walls of a very large bank, and that is when I left Capital One and started Cardlytics,” she said.