JPMorgan Chase has an AI copywriter that writes better ads than humans can
JPMorgan
Chase has an AI copywriter that writes better ads than humans can
In another sign that the future of work is
already here, JPMorgan Chase has signed a
five-year deal with a software startup that uses artificial
intelligence to write marketing copy, following a successful pilot with the
technology.
In tests,
JPMorgan Chase found that Persado’s machine-learning tool crafted better ad
copy than its own writers could muster, as measured by the higher click
rates—more than double in some case—on digital ads for Chase cards and
mortgages. In one such matchup, an ad written by a human read, “Access cash
from the equity in your home.” The more successful version, from Persado, read,
“It’s true—You can unlock cash from the equity in your home.”
“Persado’s
technology is incredibly promising,” Kristin Lemkau, chief marketing officer at
JPMorgan Chase, said in a statement. “It
rewrote copy and headlines that a marketer, using subjective judgment and their
experience, likely wouldn’t have. And they worked.”
Persado’s
“message machine” builds copy from a database of more than 1 million words
tagged and scored for emotional appeal. JPMorgan Chase began testing the
technology three years ago, and Lemkau says the company now hopes to use it not
just for advertising but also in its internal communications and in
customer-service prompts.
Neither
company disclosed the terms of their expanded relationship. Asked whether the
arrangement would trigger cuts or other changes to the lender’s staff, a
spokesperson for the bank told AdAge that
the relationship “hasn’t had an impact on our structure.”
JPMorgan
Chase has more than 250,000 employees and
an $11 billion annual technology
budget that will, in part, help the company automate many of
their tasks. In 2017, the bank implemented a program called Contract Intelligence (COIN)
to shorten to mere seconds that time it takes to review documents that lawyers
and loan officers typically spend thousands of hours a year reviewing.
“People
always talk about this stuff as displacement. I talk about it as freeing people
to work on higher-value things, which is why it’s such a terrific opportunity
for the firm,” former JPMorgan Chase chief information officer Dana Deasy told Bloomberg in 2017,
before he left the bank and become chief information officer for
the US Department of Defense.
A 2018 BrightEdge survey of
digital marketers at Fortune 500 companies found that about 60% of them
expected to use AI in their content strategy that year to deliver more
personalized messages. Persado says its
message machine is being used by more than 250 brands, including Dell, Citi,
American Express, Air Canada, and Microsoft.
Comments
Post a Comment