How AI-Enabled Marketing Is Leveraging Finance Sector?

How AI-Enabled Marketing Is Leveraging Finance Sector?

By CFO Tech Outlook | Monday, December 09, 2019

Artificial IntelligenceHere are description of two artificial intelligence (AI) based marketing applications which will transform the old systems of financial institutions.

FREMONT, CA: It is a difficult job for a financial institution to keep up with the fast changes in the digital marketing and advertising sector. There are several factors that are susceptible to change, and they all have an effect on how useful specific marketing strategies are. 

Here are some solutions:

AI-powered Analytics for Card-Linked Marketing

Fintech

Some financial institutions and credit card companies can utilize spending behavior and other information related to customers for data science and machine learning projects for marketing and promotional offers. A vendor named Cardlytics that sells this type of AI application to credit card companies and financial institutions. The software of the company uses “purchase graphics” as a customer segment to match customers with deals they are more likely to take. 

Every transaction made by any customer creates a data track; it includes all the details regarding the money spent by the customer. It informs where the customer has spent money, at which merchant, and also the names of the products purchased. With the help of this track, the machine learning technique will better match customers with offers based on their most recent spending behavior.

IBM Cognos Analytics (Formerly Watson Analytics)

Different artificial intelligence applications for marketing agencies and internal marketing teams are advertised as business intelligence solutions. They focus on the capability to analyze large amounts of data and share the insights from that data across multiple user endpoints. Additionally, contributions from larger companies may include the ability to take in data of various types and from different sources. IBM is a vendor that provides this type of analytics application to clients in the financial industry and marketing agencies that work with commercial clients. Cognos Analytics is a platform capable of data mining and predictive modeling. IBM’s analytics solutions analyze large amounts of data at a time and also deliver records of impressions, conversion rates, and click-through rates for each digital advertisement.

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