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Global card network MasterCard has announced plans to “mine”social media data from leading social media sits like Facebook and Twitterwhich in turn will be used to generate insights into consumer payment andbanking behavior across the Asia-Pacific region that will be sold to eagerbanks. The new program, called the ‘Priceless Engine’ will use MasterCard’s analyticcapabilities to help its partner banks in Asia understand consumer sentimentand trends based on social conversations.
Commenting on the announcement, Sam Ahmed, senior vicepresident and group head of Marketing, Asia Pacific at MasterCard said, “Asiais fast exceeding the rest of the world in internet and social media usage,with one out of every two social media users globally residing in the region.Given this exponential growth in social media, digital marketing can no longerjust be about communication or engagement. MasterCard’s Priceless Engine nowhas the ability to drive brand differentiation and significant revenue growthfor our partners.”
According to the card network, MasterCard intends to tripleits investment in digital marketing in Asia Pacific over the next three yearsand this should not come as a surprise given the fast shifting trends acrossthe region and high use of social media. As consumers in the Asia-Pacificregion shift from traditional payment instruments to electronic payment types,understanding consumer will be key to banks trying to win customers over andretaining existing customers as technologies change and consumer preferencesadapt to these new technologies. As a result, MasterCard’s focus on the regionand in social media analytics will be extremely lucrative down the road.
Overview by Tristan Hugo-Webb, Associate Director of the International Advisory Service for Mercator Advisory Group
Read full story at Finextra