In an era when attention spans are getting shorter and everyone battles to launch the perfect social media strategy, Yes Bank recently leveraged an AI-based MarTech tool to streamline their digital and social communication for the launch of its Personal Loan campaign. The targeting and personalization tool, Pyxis, reportedly helps them reach the right customer at the right time with the right content.
Yes Bank took personalization a level higher, carving out the perfect campaign where creatives were generated by AI with minor human intervention. Soon after setup, the automated systems of Pyxis enabled wide-scale optimization while running over 100K creatives in parallel. As a result, Yes Bank observed about 230% reduction in customer acquisition costs, while adding a new dimension of AI-led customer acquisition under its portfolio.
Parag Murudkar, Group Executive Vice President, Yes Bank, while emphasizing on “AI-first” approach for customer acquisition said, “We have always been exploring latest and upcoming technologies to enhance our business goals. This time we utilized the capabilities of Pyxis AI to automate creative generation and end to end optimization which as expected, gave us a significant boost on the relevance of Ads and overall business.”
Creativity today is definitely a sector ruled by humans, but recent advances, including artificial intelligence, have empowered marketers to leverage data and drive creative development in fascinating ways. Machine learning algorithms are delivering predictive insights about copy choices, advertising design, and hyper-personalization, making marketing creative far more effective and enable brands to develop personalized campaigns with minimal human intervention.
Using the Pyxis tool Yes Bank has created 100K+ hyper-localized banners for their personal loan campaign based on 40+ dynamic parameters including demographics, industry, job title, the field of study, industry, user behaviour, interest, family/life events, geo-location targeting, etc. within the radius of 1 km. These AI-built personalized banners targeted customers with relevant interests and offered relevant content at the right time, creating a pin-point personalized communication that is helping Yes Bank reduce their CPA (cost per acquisition) by a staggering 230%.
While explaining the technical functionality behind the Pyxis, Vrushali Prasad, CTO (Chief Technical Officer) of the company said, “Pyxis AI is surely the future of AI-led creative generation allowing brands to leverage one to one communication even for a completely new set of users.”
In general, creative development is one of the most resource-intensive steps across marketing/advertising departments. With ever-growing competition, hyper-personalizing content as per the end-customer can turn out to be an ROI-driven choice. In fact, enabling AI-driven creative development can enable CXOs to run multiple tests within an entirely new market rapidly and understand what works best for their customers.