Monday 15 August 2022 - 11:32:46 am

FAB launches AI tool to monetise payments data to increase sales

ABU DHABI, 28th October, 2020 (WAM) -- First Abu Dhabi Bank, FAB, has announced the launch of "Super Surprises", a new artificial intelligence, AI, tool that monetises payments data through effective campaigns resulting in increased sales and new customer footfall for merchants.

"Super-Surprises" is the latest of the offerings under the bank’s "Payment as a Platform" and is built on analysing spending behaviour of every unique card that interacts with FAB’s payment ecosystem (POS machines and payment gateway). It will help merchants create effective campaigns to drive more customers to their brands through the innovative brand affinity tool built by FAB.

Utilising brand affinity and card behavioural patterns, "Super-Surprises" not only aids merchants in increasing sales but will also help in significant cost reductions pertaining to marketing activities and delivers optimum return on investment for every campaign.

Furthermore, "Super-Surprises" enables smaller merchants to become referral partners for driving offers, where they will also earn a referral income. Being a strong payments ecosystem provider in the UAE, FAB’s new AI tool will generate surprise offers to any cardholder that interacts with FAB payments ecosystem, whether a customer of the bank or not.

Hana Al Rostamani, Deputy Group CEO and Head of Personal Banking at FAB, said, "We have been investing in our digital and payment capabilities to enhance our services to our customers. This AI tool will unlock opportunities and strengthen our customers’ business models and offer great experiences to their clients. We will continue working towards exploring further opportunities to add value in providing payments and customer-focused solutions. Using AI tools, our "Super Surprises" create offers based on customers’ spending behaviour- providing the right offers to the right customers."

Ramana Kumar, SVP and Head of Payments and Digital Banking, PBG at FAB, said, "Super-Surprises" is the newest addition to our "Payment as a Platform" initiative. It is a unique programme that helps merchants offer instant and personalised surprises to any cardholders and something we believe will spur spending activity. Our solutions provide a bridge between merchants and consumers and deliver value across the payments lifecycle. Everyone loves a surprise, and receiving an offer on a preferred brand is certainly a Super Surprise. That’s amplified even more by the fact the surprise is redeemed in a seamless and frictionless manner."