How Has AI Inhanced Customer Experience For Mastercard & Verizon?

Benzinga

Join Benzinga for a Live, Virtual Summit spotlighting the Titans of AI - featuring the hottest innovators, platforms and providers reshaping business and finance today.  BRIAN HIGGINS - Chief Customer Experience Officer | Verizon https://www.verizon.com/business/en-au/ (NYSE: VZ)  MOHAMED ABDELSADEK - Executive Vice President, Data, Insights & Analytics | Mastercard https://www.mastercard.us/en-us/business/fintech.html (NYSE: MA)

Transcript

00:00 - AI is known of course for enhancing customer experiences.

00:03 And how have you guys seen AI driven solutions

00:06 improve interaction, personalization

00:10 and customer satisfaction within your companies?

00:12 You guys have already brought up some of these examples.

00:15 Let's expand on that.

00:16 Let's go first to Brian,

00:17 then we'll go to Mohammed on this.

00:19 - Yeah, Mitch.

00:20 So I'll hit just as a good example is digital.

00:22 So if you go into our digital properties today

00:25 in your current account member within Verizon,

00:28 you're gonna see different offers, not all the time,

00:32 but it's gonna vary throughout

00:33 dependent upon where you are with your journey with Verizon.

00:36 So you might have different devices that are offered up

00:39 at certain times, dependent upon the offers that are there.

00:43 We'll go through and make sure that we have

00:45 the right accessories that are mapped up there as well

00:47 for the kinds of devices that you have.

00:50 If we think you have a high propensity for,

00:52 let's say adding a tablet or adding a watch,

00:56 then we'll put that up there as well

00:57 and make sure that if you're more of an iPhone family,

01:00 then we're gonna make sure we have the Apple Watch up there

01:03 and make sure that we have the right Apple Watch there

01:05 that matches to what we think the high propensity

01:07 is going to be for your account.

01:09 So that area, again, it's very conducive to a personalized,

01:13 highly engaged environment,

01:14 because as you go into the digital properties,

01:16 you don't necessarily wanna look through

01:17 the entire storefront within Verizon.

01:19 You wanna know like what's best for my account

01:22 and for my family, and so that's how we handle that.

01:25 - Thanks for the input on that, Brian.

01:26 Let's go to Mohammed here.

01:28 - Yeah, I would fully agree with what Brian said.

01:30 At the end of the day, the customer experience

01:32 for the future is all about how do I make sure

01:34 I curate the right content for the right person

01:37 at the right time?

01:38 And frankly, unless you do that,

01:40 you're not gonna be able to serve your customer effectively.

01:42 And the expectations continue to rise more and more

01:45 every year in terms of how much do you know about me

01:47 and how do you make sure that you're giving me

01:49 all the right elements.

01:51 And by the way, it goes everywhere

01:52 from not having to enter a bunch of additional

01:54 new information about yourself

01:55 to making sure you have the right content in front of you.

01:58 So for us, we have a lot of different products.

02:01 We talked about fraud as an area of friction.

02:03 So removing that will help with the customer experience,

02:05 but also making sure as you sort of work

02:07 with your bank or retailer,

02:09 you're getting the right content in front of you,

02:12 making sure you're putting the right offer.

02:14 So we have a large offers platform

02:16 that we offer our issuers and our merchants.

02:19 And for folks here that may have used the solution,

02:23 how do I make sure I put the right offer?

02:24 A real time personalized offer that makes sense

02:26 for that customer based on their behavior,

02:28 based on the interactions that they've had,

02:29 based on what they've bought in the past.

02:32 And our personalization engine also is used

02:36 with many of the largest retailers.

02:38 And we've seen significant lift in converting sales

02:43 or converting customers to be able to take action

02:48 by making sure we're putting the right messages

02:50 and the right products in front of the customer

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