Crayon Data and Visa partner to power AI-led personal digital storefronts for issuers
By partnering with Visa, Crayon Data will provide Personalised Lifestyle Marketplace platform for issuers.
Dubai: March 30, 2023 – Crayon Data, a leading global artificial intelligence and big data company, today announced its partnership with Visa aimed at powering AI-led personal digital storefronts for issuers. Together, Crayon Data and Visa will empower issuers to create superlative digital experiences for their customers, with AI-led relevance and personalization solutions.
Issuers desire to create new revenue streams by crafting highly differentiated solutions, financial and non-financial, for both cardholders and merchants. This partnership creates a strategic opportunity for Crayon Data to help Visa's global issuers achieve their desired goals by unlocking the value of their data.
Commenting on the partnership, Suresh Shankar, CEO & Founder of Crayon Data, says, "About 71 percent of consumers expect companies to deliver personalized experiences. Although banks have long sought this, they still struggle with the difficulties in data and technology. With digital natives such as Gen-Z demanding a seamless CX as table stakes, and with the rapid escalation of competition from neo banks and fintech organizations, the next few years will see a complete reshaping of the customer experience in the payments space."
"About 86 percent of banking, fintech and payment companies agree that traditional payment providers will collaborate with fintech and technology providers for innovation. Visa has always embraced innovation at its core. With cashless payments taking the driver's seat, APAC is set to grow fastest in cashless transaction volume growing by 109 percent, followed by Africa and Europe. Visa's vision to foster financial inclusion across the globe, will make this partnership the benchmark in the payments ecosystem to accelerate the creation of compelling digital experiences for consumers", he added.
Crayon Data's flagship platform, maya.ai, powered by patented algorithms and Machine Learning (ML), generates simple, easy-to-understand, and relevant insights based on non-PII consumer data. These AI-led insights help enterprises transform customer engagement via hyper-personalization. maya.ai is the force behind: digital personal storefronts for leading card issuer in India (~15M customers, ~30B$ portfolio); successful digital wallet in ASEAN (~10M customers, 25B$ portfolio); and personalized lifestyle marketplace for a leading Islamic bank in UAE (~1M customers, 15B$ portfolio). With this partnership, Visa's ecosystem can leverage maya.ai, to deliver lasting loyalty built on relevance.
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About Crayon Data
Crayon Data is a leading provider of AI-led revenue acceleration solutions, headquartered in Singapore with a local presence in India and the UAE. The company was founded in 2012 with the vision of simplifying the world's choices. Our flagship platform, maya.ai, helps enterprises across the Banking, Fintech, and Travel industries create and capture sustainable revenue streams by unlocking the value of data. maya.ai's capability is driven by four "as a Service" components - Data, Recommendation, Customer Experience, and Marketplace - that work individually and together to create tangible results. Crayon Data recently won the E50 awards organized by KPMG and the Business Times in Singapore. Crayon was featured in HFS Hot Vendors Compendium in 2021. They were named the first Champion of the Huawei Spark Accelerator program 2020 and top 2 in Digital Solutions, Consumer products & services category in Slingshot 2020. Crayon was also among the top 15 finalists at Emerging Enterprise Awards 2019, Singapore.
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