MasterCard has signed a two-year deal to mine Facebook Asia-Pacific user data, detailing consumers’ online habits to uncover behavioural insights it can then sell to banks.
MasterCard is working with Asia-Pacific banks to mine Facebook data
MasterCard aims to feed the data along with information from other sources into an analytics platform dubbed the Priceless Engine, and work with Australian banks, starting in early 2015, to serve up tailored online offers for MasterCard customers and boost online sales.
MasterCard hasn’t disclosed how much it will charge the banks for the service, only that they will be offered in four or nine-month campaigns. Eighteen Asia-Pacific banks are working with MasterCard on the initiative which had a test run in Australia this week.
Consumer demand for targeted offers is on the rise. In its latest Digital Shopper Relevancy survey, business consultancy CapGemini found that 54% of online shoppers want personalised shopping offers, while 61% want online stores to remember them to speed up shopping.
Australia’s large banks already analyse their own data in order to develop customer-specific banking products and services. The MasterCard arrangement will let them leverage even broader reserves of data in order to drive online payments.
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