Silicon Valley Banks are using Prisma Campaigns: a Uruguayan digital marketing solution.
Prisma Campaigns, Infocorp spinoff, plans to take the big leap in 2019, assured its CEO, Felipe Gil.
———– By Antonio Larronda, El Empresario Magazine, El Pais (translated).
Being the digital marketing solution of a US Bank is already hard, and if that bank is in Silicon Valley it’s even harder. Nonetheless, Prisma Campaings, the Uruguayan digital marketing solution, did it and twice.
After a year working in the US market, Prisma Campaings was finally selected by two credit unions, Tech CU and Star One Credit Union, both located in the heart of innovation and techonolgy in the US. In size they are larger than the biggest private bank in Uruguay, said Felipe Gil.
«The US bank industry is extremely competitive, sophisticated and regulated. If, on top of this, we add that these organizations work with clients who are very demanding about/regarding user-experience (such as Amazon, Google, Apple and Facebook employees, or in the Star One case that works with Stanford employees), the challenge is twofold”, Gil said.
Gil indicated that Prisma Campaings’ technology is its competitive advantage. “Through the platform you can create campaigns with the right product for each client, because with the machine learning model we can predict how the client will react” he explained.
To that end, the company uses the information the bank has of each user, such as what they buy, where they live, if they asked for a loan, the age of their children, where they spend de money, etc. “This data, together with the one of the loan bureaus, allows us to create the best marketing campaign. Since the platform technology can see how the client reacted to different campaigns, the technology learns from itself”, he assured.
To reach the present results in the US market, the company applied several strategies, such as direct selling, partnership with Typhone -a local digital channel provider that already works with more than 80 financial institutions- and marketing events. “We got our clients through each one of the these ways, just now we are about to close a deal with a third client in Boston where the IT sector is also exploding.”
The product is offered in a SaaS (Software as a Service) format and the cost is by users. According to Gil, the revenues in the case of the Silicon Valley banks will reach USD 50.000/year.
Prisma Campaigns was born as an Infocorp spinoff, but it already works independently. Its arrival to the US market takes place after a regional market consolidation, where the company already works with more than 20 financial institutions, such as Banco General Panama (800.000 customers) and Banco BCI from Chile (USD 500.000 in assets).
For 2019, the goal is “to take the big leap in US”. We hope to multiply by 3 or 4 times the quantity of clients and we are preparing for an investment round for the end of year” said Gil.
Link to original article in spanish: Bancos de Silicon Valley usan solución de marketing digital uruguaya