AI Case Study
American Express increased new online customer acquisition by 40% through machine learning targeted marketing savings significant direct mail costs
American Express has over 100 million credit card customers globally representing over $1 trillion in annual charge volume. Amex used machine learning modelling to better target and acquire customers online. This resulted in 40% increase in online acquisition and a decrease in direct mail campaign costs.
The project used advanced machine learning predictive models to better target and convert customers.
"With a database of over a 100 million credit cards globally, that account for over $1 trillion in charge volume every year, American Express deals with vast quantities of data." They were looking to drive cost effective online acquisition and reduce the cost of direct mail marketing.
This "resulted in a 40% rise in new customer acquisition via online interactions as opposed to 90% of new customers that were acquired through direct mail campaigns reducing costs."