Business transformation for Bankassurance
Citigroup’s consumer bank makes $33 billion a year. Here’s an example how contextual marketing contributes.
Citigroup’s consumer bank made $33 billion in revenue last year and is hoping its digital transformation will help it continue that trajectory.
To that end, digital banking will mean a 20 percent reduction in the cost of serving its 110 million customers in the U.S., Mexico and Asia.
The bank is also using new technology to acquire customers and better serve existing ones, deploying artificial intelligence (AI) to help it get better ideas for its advertising and reach audiences more accurately. It has used a piece of YouTube software to create many different versions of video ads that are shown to people online — based on where they are, what websites they are looking at and other elements that might include the weather, to make the commercials as relevant as possible.
Online video ads tend only to be watched for a matter of seconds, but it is well-known that people will stay longer if the content is relevant to them. Completion rates are just so much higher because it’s contextually relevant to where you are. Recall rates are also higher — people later remember that the ad they’ve seen is for Citi.
Another campaign is pairing video contextually with weather conditions.
LIFEdata is working with several Bankassurance brands to connect their brands to consumers via the Internet of Things.
Banks are just one of the institutions that needs to deliver a new level of end-to-end customer experience by connecting their employees and their customers with relevant data in real time.
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LIFEdata’s AI technology helps banks and insurance tailor your service personally to each of their customers. Securely analyzing data from smartphones and IoT devices allows the LIFEdata’s platform to generate actionable insights about contexts, intents and moments in your users’ lives, enabling them to respond immediately and in context to their customer’s behavior.
Along with its ongoing digital transformation, Citi wanted to make people feel positive about banking, a sector that has suffered from a lack of trust since the 2008 financial crisis that saw Citi receive a $20 billion U.S. government bailout.
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