JP Morgan Chase has signed a five-year deal with Persado, an AI that writes advertising and communications copy through analyzing a database of tagged and scored words and phrases.
The bank inked the deal after a “successful” pilot with the New York-based provider. The trial, which began in 2016, saw an uplift in clickthrough rates as high as 450% when text redrafted by the AI was compared to that of a human marketer’s original copy.
Now, JP Morgan Chase will allow Persado to ‘write’ more of its marketing creative, aiming to reach “millions of current and potential customers” with the augmented copy, according to a press release.
Its chief customer officer, Yuval Efrati, explained the tech would be used as part of its bid to target consumers with more personalized messaging in 2020 and beyond, focusing predominantly on new product and services launches.
Kristin Lemkau, chief marketing officer of JP Morgan Chase, said: “Machine learning is the path to more humanity in marketing. 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.”
She added the business also hopes to use Persado within its internal communications in the near future “to make things more relevant to employees, as well as in our customer service prompts”.
Persado’s technology comprises a database of more than 1m tagged and scored words and phrases that an AI sifts through in a search for the perfect copy. The company has previously worked with brands such as Dell, Staples, Expedia and Comcast.
“We founded Persado to disrupt choice of words by utilizing AI, machine learning and data,” said Alex Vratskides, co-founder and chief executive of Persado. “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.”
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This article first appeared in www.thedrum.com
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