Artificial Intelligence is going places. After gathering significant steam in diverse marketing segments like programmatic ad tech, intelligent assistants, and machine learning algorithms for CRM and automation, AI will now arrive in your mobile wallet. Yoyo, UK’s most used mobile wallet platform, chose Davos 2017 to announce the introduction of its new AI-powered automation platform – Yoyo Engage. Yoyo is part of a delegation of FinTech companies at Davos 2017.
Alain Flays, Co-Founder, and CEO of Yoyo said “Yoyo Engage is a landmark moment for Yoyo and brick-and-mortar retailers within the UK. Machine learning and AI has long been a buzz-phrase, so it’s especially satisfying for us to realize it for our clients in a meaningful, business changing way.”
Yoyo’s new platform marks an innovative step into AI for a fintech firm. Bringing machine learning algorithms to drive automated customer recommendations and announce rewards to host a series of engagement activities is an unprecedented event in mobile wallet industry. Yoyo Engage will attract brick-and-mortar retailers to leverage marketing technology in their advertisement campaigns. Backed by AI, the retailers can skim through customer behavior metrics, enabling them to ascertain their response to omnichannel campaigns.
Yoyo Engage as the first major ad tech innovation based on AI is expected to drive powerful 1:1 personalized mobile-first campaigns. The AI platform uses basket and identity data collected during payment transactions across the growing Yoyo network. The mobile wallet made a “silent” entry into the US in 2016 following the company’s $10 million Series A funding. Beyond basic card payments, the mobile wallet also offers loyalty programs and rewards, delivered automatically based on customer’s buying patterns. Vendors that use Yoyo wallet can also extend discount offers to attract new businesses.
AI-driven data processing is likely to enable marketers to dig deeper into individual segmentation based on their spending habits and shopping preferences. The machine learning capability of Yoyo Engage will provide marketers a competitive insight into how their mobile marketing campaigns perform in comparison to more traditional channels.