July 18, 2024

Crayon Data and Visa partnership powers AI-led Personal Digital Storefronts

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CD and VISA

Crayon Data, a leading artificial intelligence and big data company headquartered in Singapore with a presence in Asia, the Middle East, and Africa, recently announced its partnership with Visa.

Industry sources added that together, Crayon Data and Visa will empower issuers to create superlative digital experiences for their customers, with AI-led relevance and personalization solutions. Issuers desire to create new revenue streams by crafting highly differentiated solutions, financial & non-financial, for both cardholders and merchants. This partnership creates a strategic opportunity for Crayon Data to help Visa’s global issuers achieve their desired goals, by unlocking the value of their data.

Industry sources further added that Crayon Data’s flagship platform, maya.ai, powered by patented algorithms and Machine Learning (ML), generates simple, easy-to-understand, and relevant insights based on non-PII consumer data. These AI-led insights help enterprises transform customer engagement via hyper-personalization. maya.ai is the force behind: digital personal storefronts for leading card issuer in India (~15M customers, ~30B$ portfolio); a successful digital wallet in ASEAN (~10M customers, 25B$ portfolio); and a personalized lifestyle marketplace for a leading Islamic bank in UAE (~1M customers, 15B portfolio). With this partnership, Visa’s ecosystem can leverage maya.ai, to deliver lasting loyalty built on relevance.

Suresh Shankar, CEO & Founder of Crayon Data

Commenting on the partnership, Suresh Shankar, CEO & Founder of Crayon Data, says, “71% of consumers expect companies to deliver personalized experiences. Although banks have long sought this, they still struggle with the difficulties in data and technology. With digital natives such as Gen-Z demanding a seamless CX as table stakes, and with the rapid escalation of competition from neo banks and fintechs, the next few years will see a complete reshaping of the customer experience in the payments space.”

Suresh also commented “86% of banking, fintech and payment companies agree that traditional payment providers will collaborate with fintech and technology providers for innovation. Visa has always embraced innovation at its core. With cashless payments taking the driver’s seat, APAC is set to grow fastest in cashless transaction volume growing by 109%, followed by Africa and Europe. Visa’s vision to foster financial inclusion across the globe, will make this partnership the benchmark in the payments ecosystem to accelerate the creation of compelling digital experiences for consumers.”

Press Release received on Mail

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