London-based bank HSBC has recently partnered with Maritz Motivation Solutions in an effort to enact an AI rewards program. The new AI-powered system will work by reading customer data to predict how users may redeem their credit card points. By leveraging this information, HSBC will be able to market certain categories to its customers, including travel, merchandise, gift cards or cash. This new AI rewards program will function a little like targeted advertising but will be more focused as it relies on information garnered from credit card use.
This will be the first rewards program offered by HSBC and the bank is hoping the expertise of Maritz Motivation Solutions will help better tailor the service towards customers. Maritz Motivation Solutions, a provider of loyalty programs to various companies, will help the bank promote the new AI-powered service to clients and will aid HSBC in calculating the percentage of customers likely to redeem items from different categories.
Image Credit: HSBC