Persado to help JPMorgan Chase for its AI-powered marketing creative across the group through a five-year deal
Image: A Chase Bank branch owned by JPMorgan Chase. Photo: courtesy of Ed!/Wikipedia.org.
JPMorgan Chase has signed a five-year enterprise-wide agreement with Persado to add artificial intelligence (AI) powered marketing capabilities following a successful pilot.
The deal is expected to help JPMorgan Chase in reaching out to millions of current and potential customers through its marketing creative.
JPMorgan Chase to use Persado for internal communications as well
Persado is said to employ AI technology to create more effective marketing copy. In the pilot study, the banking giant is claimed to have seen a 450% increase in click-through rates on ads rendered by the AI platform, compared with others, which was in the range of 50-200%.
JPMorgan Chase CMO Kristin Lemkau said: “Persado’s technology is incredibly promising. It rewrote copy and headlines that a marketer, using subjective judgment and their experience, likely wouldn’t have. And they worked.
“We think this is just the beginning. We hope to use Persado not just in marketing, but in our internal communications to make things more relevant to employees, as well as in our customer service prompts.”
The banking giant started a pilot with Persado’s Message Machine in 2016. Using the tool, the company is said to have redrafted marketing messages in its card and mortgage businesses.
Persado’s technology is designed to generate creative content with the help of data science and AI to deliver copy that is thought to be the most compelling message to individuals and segments of customers.
Persado co-founder and CEO Alex Vratskides said: “We founded Persado to disrupt choice of words by utilizing AI, machine learning and data. Our goal has been to create hundreds of enterprise-wide partnerships with innovative brands like Chase to help them harness the full power of words and drive meaningful communications with prospective and current customers.”
Earlier this month, JPMorgan Chase introduced a new robo-adviser solution called ‘You Invest Portfolios’, which provides access to digital investment portfolios for new and existing investors.
Customers can open an account by responding to questions asked by the robo-adviser solution about their risk tolerance, financial goals and time horizon. After collecting the details, the robo-adviser solution will prompt a portfolio that can help customers achieve their present and future goals.