Dynamic Yield, a subsidiary of Mastercard, has introduced Element, an exclusive suite of Mastercard applications and extensions that are incorporated into its Experience OS. As the desire for personalization among consumers continues to rise, companies must diversify their approach to delivering relevant experiences at scale. Mastercard’s unique prediction algorithms and pooled consumer spend analytics will enable clients across all industries, including retailers, brands, banks, and others, to provide enhanced personalization on any digital channel.
Mastercard and Dynamic Yield are enhancing insight-driven personalization, according to Raj Seshadri, Mastercard’s president of data and services. This combined invention exemplifies the power, impact, and reach of our services and is a significant step in advancing our aim to assist consumers in making wiser decisions with better outcomes.
Despite the fast evolution of consumer behavior over the past several years, the need for more personalized, meaningful encounters has never been greater. 71% of customers want organizations to provide individualized experiences, and 76% become irritated when these expectations are not met, according to a study conducted by McKinsey. And businesses are taking note: 98% of businesses believe in the benefits of personalization and want to spend more on it 2.
Element integrates directly with Experience OS, the company’s operating system that organizes apps inside an open, modular, and fully-customizable framework. This unified approach will enable companies to use Dynamic Yield and Mastercard capabilities to satisfy their expanding personalization requirements.
Customers that subscribe to Element will have access to the following capabilities:
- Use actionable geographic expenditure insights derived from aggregated and anonymized transaction data to reach new audiences.
- Use Mastercard’s propensity modeling tools to assist issuers in curating dynamically relevant offers, products, and content for current cardholders on the personal banking platform.
- Use Mastercard SpendingPulseTM to understand area spending trends and macroeconomic drivers of retail sales to fuel localized personalization 3.
- Discover links between goods, locations, and product qualities with Market Basket Analyzer, and utilize these insights to make more intelligent customization decisions.
“Introducing Mastercard services ecosystem insights into Experience OS is a game-changer. From financial services to quick-service restaurants to retail, organizations can now hyper-personalize the customer experience in totally new ways, according to Ori Bauer, chief executive officer of Dynamic Yield. “For instance, by analyzing customer spending in one area, you can now predict how it will affect usage in another, and then give customized online or mobile offers based on these unique insights. And these initiatives are applicable across all industries.”
Mastercard purchased Dynamic Yield in 2022 in order to bolster its array of consumer engagement and loyalty offerings, therefore enabling marketers to deliver more successful and trustworthy experiences across channels. Experience OS subscribers get access to the Element suite of Mastercard applications and extensions; the availability of each application may vary by location. Mastercard incorporates industry-leading privacy protections into all of its products and services, in accordance with a comprehensive Privacy by Design strategy, and anonymizes data to generate aggregated trends and insights. We apply stringent standards to guarantee the safety and security of data not just within Mastercard, but also with all of our partners and suppliers.