For years, American Express has analyzed the more than $1 trillion in annual purchases taking place on its closed-loop network to better advise clients to formulate marketing programs.
With the launch of Amex Advance, the company is establishing partnerships with various advertising networks and audience marketers to further utilize the company's machine learning and data analysis to deliver that advice.
In doing so, Amex Advance will help marketers customize messages to target audiences, personalize customer experiences and measure their own marketing effectiveness.
American Express says the new platform allows secure analysis of American Express closed-loop transaction data alongside the partner data and publicly available consumer data to develop insights into consumers' future buying behaviors.
“American Express’ understanding of the shopping behaviors leading up to everyday and significant life moments can help us predict a consumer’s intent to purchase a broad range of products and services,” Marc Ginsberg, vice president and general manager of Amex Advance, said in a press release. “At a time when companies are searching to make more data-driven decisions, Amex Advance’s predictive machine learning, deep consumer insights and platform capabilities deliver precise marketing customization.”
Partners include Viacom, Wiland and Acxiom Audience Solutions.
The platform portal helps partners identify and anticipate consumer spending trends across brands, categories, interests and life events, and development of marketing and advertising strategies for digital, television and direct marketing channels.
All of the data from American Express and its partners will be encrypted in a secure platform and hosted through Acxiom, an independent third-party provider.
“American Express’ closed-loop data allows us to analyze a large volume of real spending that can help marketers across a range of industries connect with customers and provide unique value,” Ash Gupta, president of global credit risk and information management at American Express, said in the release.
“Partners will be able to access these insights, and leverage the power of American Express’ predictive data science, combined with their own, in a self-service capacity and at scale through the Amex Advance platform,” Gupta added.