With MasterCard's new Priceless Engine, banks in Asia are now able to gain deep insights that will help them deliver the right offers to their customers at the right time.
Launched at the MasterCard Innovation Forum in Singapore on 25 September 2014, the platform will leverage MasterCard's analytic capabilities to help banks understand consumer sentiment and trends based on social conversations. It will also track engagement and transactions on campaigns to translate these findings into meaningful feedback. Additionally, it will create and share content across borders to increase scale.
"Given the exponential growth in social media, digital marketing can no longer just be about communication or engagement," said Sam Ahmed, the company's senior vice president and group head of marketing for Asia Pacific. "As MasterCard research shows, having the right offers, the right data, the right assets and the right content at the right time will change consumers' behaviour. The Priceless Engine has the ability to do that to drive brand differentiation and significant revenue growth for our partners. "
To ensure the Priceless Engine achieves global scale and reach, MasterCard will be working closely with partners in the social media space including Facebook. These partnerships will provide consumers access to most relevant, timely and quality offers.
The Priceless Engine is part of MasterCard's investment in digital marketing in Asia Pacific over the next three years. According to MasterCard, the investment is part of its commitment to working with banks and merchants in the region to understand consumer needs and wants so as to match it with relevant offers.
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