Financial giant American Express has launched a platform called Amex Advance, which uses machine learning techniques to help marketers customize target audiences, personalize experiences and measure their own marketing effectiveness.
The new platform enables the secure analysis of American Express closed-loop transaction data, alongside partner and publicly available consumer data, to help forecast the future buying behavior of a desired audience in the US population. This closed-loop network analyzes more than $1 trillion in Card Member purchases annually, and insights from it have already been used for several years to personalize internal and third-party marketing programs for millions of American Express Card Members worldwide.
The firm is now extrapolating the results to a much broader consumer base, beyond its Card Members, allowing it and its partners to deliver advertising and personalized recommendations to more narrowly targeted audience segments. Through the Amex Advance portal, partners can access predictive insights, request customized audiences, and analyze projected audience performance.
Marc Ginsberg (pictured), VP and General Manager, Amex Advance, comments: 'American Express' understanding of the shopping behavior leading up to everyday and significant life moments can help us predict a consumer's intent to purchase a broad range of products and services. At a time when companies are searching to make more data-driven decisions, Amex Advance's predictive machine learning, deep consumer insights and platform capabilities deliver precise marketing customization'.
Web site: www.americanexpress.com .
All articles 2006-18 written and edited by Mel Crowther and/or Nick Thomas.