4 benefits of Payment Analytics in Financial Services
It is no secret that information and data drive the payments industry. Digitalisation has opened up a myriad of opportunities, and threats, to the finance industry as a whole but how does payments analytics come into this? More importantly, why should your business invest in them?
Payments analytics can offer a number of opportunities for banks to communicate more effectively with their clients and identify new sources of revenue. As stated by paymentscardsmobile.com, banks should take advantage of the following opportunities to add value to their services:
1. Leveraging data to improve internal processes
2. Selling raw data (with caution)
3. Providing PFM (Personal Finance Management) services
4. Delivering merchant-orientated offerings
In addition to the above opportunities, Efma’s CEO says “banks have to adapt their offerings and identify new sources of revenue to compensate for shortfalls in their established business models”.
Payments analytics presents a great opportunity to really get to know your customer and efficiently adapt your services to fit their needs. For example, PFM tools have become a popular way to add value to your customer’s experience and loyalty. However, you should be wary about selling raw data in such a competitive sector.
4 Benefits of Payment Analytics
· It is worth investing in such a huge part of the finance industry to remain ahead of competition and at the forefront of the ever-changing digital landscape
· Insights into information analytics can improve probability by optimising revenue and cutting costs
· Provides a unique view of your customers’ behaviour and provides a deeper understanding of trends as they are developing
· Having a system that efficiently translates millions of transactions into actionable data will allow your team to make more educated decisions to facilitate compliance with your company’s policy and improve their working capital
As senior manager at Kurt Salmon, Pierre de Brabois, said “this is an area where an increasing number of data analytic specialists are already competing to tap into the value of payment data…in order to truly succeed, banks must consider whether they should go it alone or work with other banks or data specialists”.
To get an insight into how you can implement payments analytics to your organisation, attend Citibank’s SVP of Regional Cards, APAC & EMEA’s fireside chat on “analysing cards and payments data to develop a comprehensive image of your customer” at this year’s Cards and Electronic Payments International Summit and Awards.
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