Wipro Technologies (News - Alert), the global information technology, consulting and outsourcing business of Wipro Limited, has launched Wipro SmartOffers - a location based solution for banks, in partnership with Intuition Intelligence.
Officials with Wipro said that SmartOffers, primarily targeted at retail banks, will help increase coupon redemption rates significantly by delivering the right offers to the bank's customers over mobile or the Internet.
According to company officials, the solution leverages Wipro's mobile based applications IP, data models and partner's algorithms to deliver highly targeted offers.
Wipro is working with Intuition Intelligence, who has a patented machine learning algorithm that applies rapid real time learning to target coupons.
"We expect Wipro SmartOffers to enable banks to pre-empt commoditization by building brand loyalty and creating additional revenue streams. We are already testing the concept with several banks across the globe, which gives us a first mover advantage and are very encouraged by the prospects," said Vijay Sharma, global domain head – banking and financial services, Wipro Technologies, in a statement.
"Our unique Intuition Intelligence Super Relevancy Engine proactively brings real time, contextually relevant offers to digital banking customers by server and client side learning. Unlike the aggregator centric models currently in practice in the market, this solution champions the Bank Centric Offer Model," said Dr. Arif Ansari, founder of Intuition Intelligence, Inc.
Meheriar Hasan, managing principal, MMH Consulting, said that the rapid migration from online to mobile banking brings challenges as well as new opportunity in terms of understanding real-time intent of users at a given location.
Hasan said that this can be leveraged to provide highly targeted offers to meet the customers' needs in terms of specific products and services.
Earlier in November, Wipro Technologies and ThinkVine, a marketing mix optimization software company, entered into a strategic partnership to provide consumer goods companies a comprehensive package of solutions and services that will optimize marketing plans and drive brand growth by improving forecasting of marketing spends, tactics and timing across consumer groups, products, channels and geographies, on a global scale.
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Edited by Brooke Neuman