Chase announced a five-year deal with artificial intelligence (AI) leader Persado to power its creative marketing capabilities after a pilot saw a boost, as high as a 450 percent increase, in click-through rates in messages created by Persado’s Message Machine versus human copywriters.
The bank began the pilot in 2016 with Persado’s secret weapon—the Message Machine—a platform of advanced marketing language, including more than one million tagged and scored words and phrases. The tool successfully redrafted marketing messages in Chase’s Card and Mortgage business using data science and AI, transforming them into more personalized and compelling messages to individual customers.
Chase plans to scale its artificial intelligence efforts, widen the use of data-driven messages and create enterprise-wide omnichannel personalization in 2020.
“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. 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,” said Kristin Lemkau, CMO of JPMorgan Chase in a press release.
The day Chase announced news of its Persao partnership, Lemkau also tweeted: “I’m super passionate about this. CMOs need to skill up in AI and tech if they’re going to drive growth. Our partnership with Persado is a big one to help make marketing smarter AND more customer focused.”
In 2018, the bank released a strategic update report pledging to adopt a long-term digital strategy that would allow a digital account opening process with the aim of ridding customers’ need for a branch visit. Chase’s active digital customer base has 48 million users and 32 million users in its mobile customer base, as reported by The Financial Brand. The company currently operates a traditional mobile app, Chase Mobile, Finn, a mobile-only bank meant for millennials, JPM Mobile, a digital wealth management app and ChasePay, a digital wallet.