Language is a powerful motivator for action. This is one of the most important tools brand marketers have to personalize their outreach and engage their audience. Persad's Lisa Spira argues that banks and financial service providers must adapt their language to resonate with younger generations.
She is speaking from a position of some strength given Persad's track record. First of all, let's consider the power of Persado's client lineup. In financial services alone, Persado's major customers include Chase, Ally Bank, Emirates NBD, SoFi, and Lending Club. Other partners among Persado's largest customers include Marks and Spencer, Carrefour, Vodafone, Dropbox, Verizon, and Audible.
What does Persad do?
Persado provides the only motivational AI platform that generates personalized communications at scale, motivating each individual to engage and take action. This means we can help you engage with customers throughout the process, from customer acquisition communications to online cart conversion. The company's Gen-AI software is trained based on responses from his 1.2 billion direct consumer actions across industries, helping marketers increase customer motivation and drive significant business value. Make it possible to promote.
Persad's essential motive
We take Persado Essential Motivation as a prime example of how the company works with its clients. First launched in August 2023, this self-service GenAI solution accelerates marketing content output. This improves outcomes and strengthens compliance throughout the customer journey. The product leverages Persado's Motivation AI Platform, which uses advanced machine learning, natural language processing, and deep learning Transformer models, to understand copy intent and create messages that encourage consumer action. To date, Persad says he has generated $4.25 billion in increased revenue for his clients.
Chase: Persado’s main customer since 2016
If a vendor like Persado could choose just one bank to flag as a major customer, Chase would be at or near the top of any vendor's wish list. Persado has been working with Chase since 2016, when the bank began piloting his Persado's Message Machine. An advanced marketing language knowledge base of over 1 million tagged and scored words and phrases. Through this tool, Chase reshaped marketing messages in its card and mortgage businesses and made significant improvements. Chase's pilot found that click-through rates for ads rendered by Persado increased by as much as his 450%, compared to his 50-200% range for others.
It worked so well that in 2019 Chase signed a five-year companywide agreement with Persado. The bank expanded the partnership across the company to cover marketing creative that reaches millions of current and potential customers.
How to reach Gen Z through personalized marketing
Gen Z makes up about 20% of the U.S. population. It is estimated that at least 4 million Gen Z will open a bank account each year until 2026. Despite this, many banks are still treating their customers as if they were all baby boomers. Spira insists it was a big own goal. Moreover, banks can use his AI to adjust their marketing strategies and language to resonate with younger audiences, so such carelessness cannot be tolerated.
Spira told the RBI that banks need to reframe their value proposition in a way that resonates with their contemporaries' narratives.
“Older generations often want to manage their money down to the penny, while younger generations often want quick and convenient access to manage their finances. Virtually no one want the same thing: knowledge about their financial situation. But these different audiences don't think that way. By talking about “control” or “convenience,” brands , you can tell a more personalized story about how your product can help your potential customers.
She further added: “Gen Z doesn't notice marketing materials directed at older demographics of the market. They're really focused on what's going on for them and what resonates with them. And , I don't think they look at marketing to parents and make any judgments about it. They don't even look at it, because they want the right marketing on the right platform. So we need to find a place where Gen Z is, but not in the same place as their parents.
“They don't open emails right away. They don't use Facebook as much, but they use YouTube as their primary search engine instead of Google, and they use Tik Tok and Instagram and Snapchat. They're watching content that's designed for them.
Tone of voice is key
But that's not all. Banks need to go a step further and adopt a banking tone.
She further added: “Most financial brands strive to provide their audiences with ‘useful information’ about financial literacy. Brands can adjust how they present information to connect with younger generations. For example, financial brands can position themselves as “helpful,” “caring,” or “supportive,” words that resonate with younger consumers who want the same information as previous generations, but less than facts. Can be used as friendly guidance. sheet. “
Persado: Partnered with 6 of the 10 largest US banks
With the advantage of working with six of the 10 largest banks in the United States, Spira has witnessed major marketing hits in successfully reaching Gen Z.
“One of the things that has really been successful for me is talking about value propositions, which means it's all online, it's one click, it's super easy, you just download the app and it only takes a minute. It works. I've also seen emotional language used very well.
Persado is known for understanding which emotions work best to send different messages through highly complex tests. Therefore, you may want to use exclusivity to make your customers feel special. It means making the customer take action or elicit feelings of accomplishment, make them feel rewarded, make them feel like they have earned something.
Testing how to tap into these emotions has yielded great results for banks looking to reach Gen Z. And those feelings can be very different from those of the parent. It's a way to rearrange sentences, add emojis, and change certain words. Therefore, you can use more ellipses and set the appropriate rhythm to suit how people of different generations speak. It may sound like gibberish to parents because it doesn't feel like fully structured English. However, perfectly structured English may not resonate with people who are used to exchanging text messages. ”
We have an impressive reputation with 6 of the 10 largest banks in the United States as our customers. No matter what language or emoji, structured or unstructured English, Persado does it very well.
“Interview: Lisa Spira with Persad on how banks are using GenAI to personalize marketing and appeal to Gen Z” was originally created and published by Retail Banker International, a brand owned by GlobalData.
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