AI is driving the future of financial services marketing. Some of the most exciting and effective uses of AI in financial services include process automation, predictive modelling and customer service applications.
Through Jaywing, Virgin Money is able to identify which customers are most likely to consider switching credit card provider with more accuracy than ever before. This enables the bank to tailor marketing and promotional offers based on individual customer circumstances, improving the customer experience and reducing the likelihood of customers deciding to switch providers.
Nick Martin, Head of Analytics, Virgin Money Credit Cards, said: “AI is clearly a technology with immense potential, and we wanted to test the ways in which it can provide practical support to our team by improving the customer experience, increasing the effectiveness of marketing for our credit card customers and enhancing our credit risk processes. We were impressed with the results from Archetype and are now exploring how we can incorporate it further within our business.”
Ben O’Brien, Managing Director, Jaywing, added: “We’re delighted that Virgin Money, like many other brands, recognises the importance of AI in its future development. The biggest strides made possible by AI will be those that allow institutions to better understand their customers’ intentions. Archetype has provided this ability, with the potential to save significant amounts of money.”
“In addition to using Archetype in the marketing function, Virgin Money is also evaluating the use of Jaywing’s AI technology within its risk function. We believe that those banking and financial services firms that embed AI across business functions are likely to ride the waves of disruption.”