Like AI and machine learning, predictive analysis has become a bit of an Internet buzzword in the last few years. The technology already has a wide variety of applications for marketers -- predictive advertising is just one of them. If you're among the many who are still fuzzy about what predictive analysis is, here's a rundown on how it's changing the way marketers advertise today. Predictive advertising is a marketing application of predictive analysis. Predictive analysis, by definition, is the use of consumer data, artificial intelligence and statistical algorithms to identify what could happen in the future.
AI and machine learning are making the customer experience more personalized and contextual than ever before. Banks and credit unions are using advanced technology to make websites, emails, digital advertising, social media and other content more efficient and effective. This is increasing marketing ROI as well as customer satisfaction. Subscribe to The Financial Brand via email for FREE!There is a great deal of discussion of the potential value of artificial intelligence, machine learning and robotics in banking. Unfortunately, much of the implementation of these technologies lags the potential by a significant margin.
The marketing industry has always relied on data. But the difference in data we have today is the sheer magnitude of it. The fact that most big data is unstructured makes it difficult for marketers to gain actionable insights from it. Lately, marketers are learning that artificial intelligence, specifically machine learning (ML), are perfectly suited for this task. By iteratively learning from data, machine learning algorithms allow computer programs to find hidden insights by detecting patterns in data without being programmed on where to look.
Artificial Intelligence (AI) may be out of the sci-fi closet but the adoption within MarTech industry is still very much in its nascent stage. With the advent of wireless and virtual technologies in last two decades, businesses have evolved at a breakneck pace. And now, the biggest force pushing that momentum is the refined combination of AI and Machine Learning (AI/ML). While the first half of the decade focused on leveraging Big Data, AI technology in business, especially in sales and marketing, has taken a major lead with its equitable adoption rate. The promise AI offers – intelligent software running on AI/ML algorithms would perform tasks better, faster and cheaper, is an optimistic opportunity within MarTech.