Mastercard partners with Goals101.ai to make banking more personalized
By Edil Corneille
Mastercard has entered an alliance with Goals101.ai, a bank-tech and AI company connecting merchants and issuers using big data, artificial intelligence, and automation to create targeted and personalized offers for bank cardholders. With Goals 101.ai, Mastercard’s customer banks will now benefit from the increased customer engagement with personalization. A positive impact on key performance indicators (KPIs) such as spends, transactions, frequency, engagements, and latency are expected. The partnership is expected to ensure a faster time to market for products and offers.
The platform identifies a consumer’s purchase patterns to help banks offer a more targeted, relevant, and measurable service. In the previous year, some of the onboarded customer banks on the platform were said to have seen redemption rates zoom to 4X viz-a-viz those who weren’t targeted via the platform. Quantified impact on the volume of transactions, higher frequency of transactions per customer was also noted.
Sandeep Mathur, Managing Director, Goals101.ai expounded, “Partnering with Mastercard in the region validates our commitment to the banking ecosystem and solving for ‘Intelligent Banking and Innovative Customer Engagement’. From our current 10+ banking Partners, we shall together ensure the solution is now adopted by many more leading banks that are looking at speed, automation, intelligent and innovation customer communication as their differentiators. Unlike any other enterprise product, we have ensured the banks can go live and see results instantly, get new revenue lines and solve for the varied communications going to customers through multiple channels. We are also very excited about bringing our upcoming products for Robo-Advisory (cross-sell automation), for Credit (new customer acquisition) and for Consulting to the market in next few months.”
Merchants who partnered with the banks via Goals101.ai also witnessed 12-15 times returns on their ad spend. This is said to offer an immense opportunity for merchants of all sizes to access the bank’s digital channels for product promotions.
Aman Ahuja, Vice President, Product Management, South Asia, Mastercard enunciated, “Mastercard’s partnership with Goals101.ai will enhance the banking experience for all Bank cardholders. This ensures that banking becomes more personalized, real-time and relevant for cardholders. These insights will help banks to reach the right audience, at the right time, with the right message, which is a win-win situation for all.”
Banks can improve their communication effectiveness and make the banking experience more personalized for their customers. The plug and play platform does not require deep integration and quickly automates, contextualizes and communicates a banks’ offers to their cardholders. Once a bank signs the agreement to onboard the platform and adds its historical data on the Goals101.ai.’s platform, it can create and run campaigns on the fly. During the entire process, no personal information about any cardholders is shared by the bank.
Through this partnership, Mastercard and Goals101.ai will also launch a section within the platform called ‘For You’ which will unify all the bank channels and properties into one. This solution was conceptualized to solve for a pain point that banks currently grapple with of sending multiple communications to cardholders for offers and benefits and hence not able to drive enough traction to key notifications and meaningful offers. This solution will unify all partnerships, product recommendations in one location and a cardholder will be able to see one unified communication page that is customized basis their spend behavior. The solution will also have a built-in capability to track all relevant KPIs.
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September 29, 2023