21 Aug, 2018

Machine Learning Creates Real Value According To Michael Roberts, Chief Marketing & Digital Strategy Officer at Bank of America Merchant Services

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Our Digital Retail and Marketing Transformation Assembly is one week away! In preparation for the event, we sat down with Michael Roberts Chief Marketing and Digital Strategy Officer at Bank of America Merchant Services.

Thanks, Michael, for sharing your insight on the retail industry, and revealing how machine learning can deliver real value for retailers today.


We are excited to welcome you back to this event again this year. What do you hope attendees will learn about Bank of America Merchant Services?

We are excited to once again take part in the Digital Transformation event. We look forward to meeting first-time attendees and reconnecting with those we’ve met in the past to share how we help large and medium-sized companies effectively manage and grow their businesses by enabling them to deliver convenient, compelling commerce experiences for their customers. However, enabling seamless transactions is just the beginning. As part of the Bank of America family, we go beyond payments to optimize global digital commerce and your customer’s purchase journey – in ways that are efficient for you and your business.

Our business consultants, several of whom will be at this year’s event, use a consultative approach to understand the unique needs of your business – no matter the size. We look forward to finding ways to help your business create a better customer experience through our robust omnichannel payment and loyalty solutions, as well as specific tools for optimizing eCommerce.

If you haven’t already scheduled a meeting and are interested in learning more about Bank of America Merchant Services at this year’s event, email us at letstalk@bankofamericamerchant.com. We look forward to meeting you.

Where do you see the biggest area for online merchants to improve the customer experience?

Today’s consumers are constantly looking for the newest, most seamless way to shop—and merchants that offer innovative, fast and frictionless experiences across a variety of channels will always stand out in the crowd. This starts with a compelling search experience.

“For retailers that do business online, search is a key aspect of the customer experience.”

Successful companies are reaping the rewards of investing in machine learning to improve search performance. If you haven’t optimized the search experience from start to finish, you’re missing out on higher conversion rates and customer loyalty. In fact, at Bank of America Merchant Services, we’ve seen examples where incorporating advanced machine learning into search has increased average order value by more than 400 percent.

What kinds of businesses benefit from machine learning?

We are seeing businesses of all sizes investing in machine learning to improve the client experience. But while machine learning can bring huge benefits, simply including it in your businesses’ toolkit isn’t enough. It’s important to remember that the value of machine learning is tied to the quality of information the machine takes in, how the machine uses the information, and how this information is integrated into a comprehensive strategy that aims to refine the online search process and tailor the consumer experience.

“Unfortunately, too many retailers today are investing in machines that are learning the wrong thing — and that means their investment isn’t delivering the returns they were expecting.”

At Bank of America Merchant Services, we help our clients understand how to optimize machine learning to help their business by focusing on key principles that help ensure your machines are learning the right things. To that end, Bank of America Merchant Services recently published an Insight on our website on this very topic which includes five tips you can use to improve online search and boost sales.

ABOUT DIGITAL MARKETING & RETAIL TRANSFORMATION ASSEMBLY

Marketing has never been more complex. Staying ahead of the latest trends and technology is a full-time commitment. CMOs and CDOs alike are seeking new ways to maximize their digital reach to attract new and retain current business by delivering increasingly personalized experiences.

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Join us in August 2018 in Dallas for the 6th edition of the Digital Marketing Transformation Assembly. We are bringing together North America’s most prominent digital marketing technology and business leaders from all major consumer-driven industries to discuss the latest technology, innovations, and strategies driving digital marketing in 2018 and beyond.

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