Wondering why your credit card company is still sending you pizza discount offers when fine dining at restaurants has always been your preferred choice for gastronomic adventures?
Well, you are not alone. According to a recent Redpoint Global Survey, 82 per cent of the survey respondents expect banks to personally understand them, but only 38 per cent said their bank was effective in doing so. It’s not just about banks; another survey by Salesforce found 73 per cent of customers expect companies (read brands) to understand their unique needs and expectations.
With companies and brands increasing their digital engagement, customer demand for relevant and personalised experiences is also on the rise, as customers now expect companies to understand their unique needs based on their digital interactions. Companies are now turning to artificial intelligence (AI) to meet these growing customer expectations.
Singapore-headquartered big data and AI start-up Crayon Data is one such company that is helping banks and financial service providers achieve that.
Founded in 2012 by Suresh Shankar along with Aarti Ramakrishnan, Vijaya Kumar Ivaturi, and Srikant Sastri, Crayon Data uses artificial intelligence and machine learning solutions to help banks and financial service providers deliver personalised products and services.
“Imagine Spotify,” Shankar, who is the CEO of Crayon Data, said, “It has 200 million songs and an equal number of users, which means 40 quadrillion choices. But, somehow, your playlist is different from mine.”
“When large enterprises build that kind of platform, we will give them our AI solution so they can create personalised experiences, drive revenues, and engage with millions of customers,” he explained.
Crayon Data’s proprietary AI platform, “maya.ai,” can help create personalised experiences for millions of customers in just one go. Some of Crayon Data’s key investors include Jungle Ventures, Spring Seeds Capital, Ratan Tata (Tata Group), and Infosys co-founder Kris Gopalakrishnan, among others.
In 2021, Crayon Data’s revenues crossed $11 million (a 100 per cent increase from 2020) and exit annual recurring revenue (ARR) of $15 million (150 per cent growth).
Shankar said the company’s target is to double its revenue in 2022. He, however, added that it will largely depend on how macro-economic factors play out. “We are seeing some caution on the part of our clients in terms of signing up for new initiatives or expanding existing ones, but the medium- to long-term prospects look very optimistic.”
Currently, BFSI and fintech contribute 70 per cent of the revenues. The company expects B2B tech space to contribute 15 per cent of revenues this year. Prior to Covid-19, Crayon Data was helping one of the world’s largest airline and tourism companies offer personalised travel and hotel itineraries to its customers. But the pandemic-led travel restrictions impacted this segment.
“Travel is now bouncing back, and we have already started with a few projects. So, travel will contribute 15 to 20 per cent of our revenues in 2023,” Shankar said.
Crayon Data recently forayed into the African market. Shankar said that the company is looking for partner-led expansion into the US, Australia, and New Zealand. Currently, 60 per cent of the company’s revenues come from West Asia followed by India and south-east Asia with 20 per cent contribution each.
Shankar added that with 1.2 billion debit and credit cards and $300 billion in spending, India offers a huge growth opportunity for the company.
“India is a market that offers scale. We have over 40 e-wallet players, 27 neobanks, and 10 to 15 large banks, and the number of digital banking consumers is on the rise,” he added.
Shankar said Crayon Data’s solution already covers 18 percent of India’s credit card market, and he expects that number to go up to 44 per cent by 2026.