Mastercard partners with Goals101.ai to make banking more personalized, automated and delightfulAugust 24, 2020 | By Barkha Patel
Mastercard has entered an alliance with Goals101.ai, the leading bank-tech and AI company. Goals101.ai connects merchants and issuers using big data, artificial intelligence and automation to create targeted and personalized offers for Bank cardholders. This helps banks to improve the effectiveness of their communication and makes 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.
With Goals 101.ai, Mastercard’s customer banks will now benefit from:
- Increased customer delight and engagement with personalization
- Positive impact on key performance indicators (KPI’s) like spend, transaction, frequency, engagement and latency
- 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 this platform had seen redemption rates zoom to 4X viz-a-viz those who weren’t targeted via the platform. Quantified impact on volume of transactions, higher frequency of transaction per customer were also noted. Merchants who partnered with the banks via Goals101.ai also witnessed 12-15 times returns on their ad spend. This offers immense opportunity for merchants of all sizes to access the bank’s digital channels for product promotions.
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.
Goals101 already works with more than 10 banks globally and is compliant with the highest security standards like PCIDSS 3.2.1, ISO 27001:2013, ISO 27002 and SOC 2 Type 2.
Sandeep Mathur, Managing Director at Goals101.ai said: "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.”
Commenting on this partnership, Aman Ahuja, Vice President, Product Management, South Asia, Mastercard said, “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.”
Mastercard has been actively working towards effective collaboration between the merchant, issuer, and consumer eco-system. Through these partnerships, Mastercard is enabling access of merchants and small business owners to a suite of products, beyond cards, that can help them grow their businesses efficiently. The recent launch of Soft POS was also an initiative for micro-merchants and SMEs in India that eliminates the need to invest in a POS device as they can now enjoy a cost-effective card acceptance solution. All these initiatives are an extension of Mastercard’s commitment to financial inclusion, with a pledge to bring one billion people and 50 million micro and small businesses into the digital economy by 2025.