American Express announced news on Tuesday (Nov. 7) of the launch of Amex Advance, which uses machine learning techniques to deliver personalization services that help marketers customize target audiences, personalize customer experiences and measure their own marketing effectiveness on audiences.
In a press release, American Express said the Amex Advance platform allows for the secure analysis of American Express closed-loop1 transaction data, alongside partner data and publicly available consumer data, in order to develop insights about the future buying behaviors of select consumers within the U.S. population.
According to American Express, the American Express closed-loop network analyzes more than $1 trillion in card member purchases annually. The insights gleaned from these analyses have been the foundation for personalizing internal and third-party marketing programs for millions of American Express card members, the company said.
These analyses are now being extrapolated to a much broader consumer base that goes beyond American Express card members. Amex Advance and its partners will use these consumer and transaction data insights to deliver advertising to more narrowly targeted audience segments through personalized recommendations.
“American Express’ understanding of the shopping behaviors leading up to everyday and significant life moments can help us predict a consumer’s intent to purchase a broad range of products and services,” said Marc Ginsberg, vice president and general manager, Amex Advance, in the press release. “At a time when companies are searching to make more data-driven decisions, Amex Advance’s predictive machine learning, deep consumer insights and platform capabilities deliver precise marketing customization.”
American Express said that unlike a lot of the off-the-shelf marketing software, Amex Advance can and will produce customized audience data for companies based on their own marketing goals. Some of the things it can do is identify and anticipate consumer spending trends across different brands and categories, create marketing and advertising strategies and provide customized insights and consumer data analytics.