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Sunday, 1 May, 2022

AI Fintech news and insights – Mutiny raises $50M

San Francisco based startup Mutiny have just raised $50M from a series B funding round.

During the last few years, online retail has exploded. It is projected to be worth over $7000 billion by 2025. This huge growth has attracted higher level of competition and new innovative ways of catching and converting eye-balls. Mutiny is a personalised website and advertising service. They use AI to help deliver content to a prospective buyers at the time with the right approach.

“Companies spend billions of dollars to acquire customers online, yet $19 out of every $20 they spend is wasted.

Here’s why: a buyer clicks on an ad, lands on some generic website, doesn’t understand why they should buy and leaves. The marketing team looks at the data, tries to make a better ad, and then spends more money to repeat the cycle.

Sound familiar? The unfortunate truth is that’s how 99% of companies try to grow. But the problem is not the ad – it’s a conversion problem.” – Mutiny press release

Thoughts and insights
Mutiny are one of very few companies have realised the power of personalised content using AI. Historically, advertising was built from the customer backward through separate, focussed funnels. However, this customer profiling can be incredibly complex and still very general. By using AI, content is based specifically on customer data. For example – Imagine buying a car. Most marketing campaigns would be based on demographic groups. Content was based on the understanding of this groups likes, dislikes. However, this still can be too general. With AI you could use ML models to look at more detailed and specific data:

  • Sales history
  • Customer enquiry information
  • Content path viewing and preferences
  • Customer information and profiling

This data then could help the website to generate content on the fly. With the detailed personalisation, there is a higher chance of converting to a sale. However, it with this new opportunity, there are some challenges. In order to build effective campaigns, you ideally need:

  1. Good, large powerful customer data – Good data is key. Combine various datasets for best effect.
  2. Good, data stack and infrastructure – Having a solid tech infrastructure will ensure perfect delivery on time and without issues
  3. Well written and every accurate algorithms – Accuracy is key, so developing a good agile mythology is important
  4. Good usability testing – Good to test, test and test again.

If you can crack these areas, you are on the way to having a very powerful and effective marketing platform. Don’t forget, you can use your AI platform to experiment and learn more about your customers likes/dislikes.

More information
Mutiny press release

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