Crayon Data and Visa partner to power AI-led personal digital storefronts for issuers

Crayon Data, a leading global artificial intelligence and big data company, has announced its partnership with Visa aimed at powering AI-led personal digital storefronts for issuers. Together, Crayon Data and Visa will empower issuers to create digital experiences for their customers, with AI-led relevance and personalisation solutions.

Issuers desire to create new revenue streams by crafting highly differentiated solutions, financial and 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.

Commenting on the partnership, Suresh Shankar, CEO & Founder of Crayon Data, says, “About 71 percent 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 fintech organizations, the next few years will see a complete reshaping of the customer experience in the payments space.”

“About 86 per cent 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 percent, 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”, he added.

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); successful digital wallet in ASEAN (~10M customers, 25B$ portfolio); and 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.

• Business