Mastercard uses artificial intelligence to interact more effectively with customers

Mastercard uses artificial intelligence and machine learning to identify micro-trends and deliver relevant customer experiences in real-time for effective customer engagement.

According to Hoshio, the attention span of consumers is getting shorter day by day and there is a good reason. Every day, people are bombarded with approximately 10,000 advertising messages. Meanwhile, many consumers are looking for platforms that are ad-free and offer an “ad-free heaven.”

According to a 2020 industry study by Edelman, nearly seven in 10 adults worldwide use one or more methods to avoid ads, changing their media habits to see fewer ads (49%) or using blockers. They use advertisements (48%). These numbers are sure to increase in the coming years.

The current advertising environment, which is accompanied by many noisy and competitive advertisements, has created difficult and stressful conditions for marketers. They strive to deliver their message to their target audience and provide personalized offers that increase customer engagement and improve their ROI.

In addition, Gartner’s 2021 report found that 63 percent of digital marketing leaders are struggling to deliver personalized offers because they are still increasing their use of emerging technologies. Consumers often ignore branded content or find it irrelevant. There is a huge cost to brands in lost customers and lost revenue.

It is clear that the old and traditional methods of advertising are no longer applicable. Marketers must learn how to engage customers through new and alternative avenues that emerging technologies offer with new strategic thinking and an updated roadmap.

It’s this mindset that led MasterCard’s digital marketers to rethink their framework. From the beginning, the goal has been to engage customers with personalized, contextual, and in-the-moment content. To do this, the team created Mastercard’s digital engine with artificial intelligence (AI) and machine learning (ML) at its core.

How does MasterCard’s digital engine equipped with artificial intelligence work?

1. Mastercard’s digital engine uses artificial intelligence to track small changes in people’s interests and behavior around the world. It does this by analyzing billions of conversations on the Internet about topics ranging from new foods to the rise of contactless payment options during the pandemic.

2. Mastercard digital system with the help of artificial intelligence and based on consumers’ interests in cooking, travel, sports, music, entertainment, etc. It makes recommendations and helps people find and buy the things they want more easily.

3. Mastercard’s digital system uses artificial intelligence to analyze small changes and decide whether to create a campaign to attract customers. This campaign can be quickly launched on many different platforms with content selected from a library of relevant content and can be terminated as soon as it is no longer needed.

Mastercard’s digital system uses artificial intelligence, machine learning and natural language processing to operate quickly and efficiently. This helps Mastercard measure the effectiveness of its campaigns in real time and optimize who receives what content and when.

Not only does AI enable Mastercard’s digital engine to operate with zero or near-zero latency for maximum performance, but ML machine learning and natural language processing (NLP) enable real-time content measurement and optimization.