Nets has launched a new product that helps banks which are currently struggling to collate and interpret customer payment data.
Banks are missing out on payment data goldmine
Time and budget constraints mean most banks do not keep up with developments in software engineering – or manage their data effectively.
What’s more, current data management tools used by banks are inflexible and expensive to introduce and maintain.
Taken together, these factors mean that many banks are missing out on a customer data goldmine that could transform their business.
If managed and interpreted better, customer transaction data could lead to outstanding business performance, including cost/benefit analyses of card programs, more targeted and effective marketing activities, the development of new products and a great understanding of how, when, where and why your customers use your payment products.
“A failure to properly exploit customer data means banks miss out on strategic and tactical opportunities to improve the efficiency and profitability of their business.”
As they demonstrate in the new brochure banks that are not properly exploiting their customer data are missing out on strategic and tactical opportunities to improve the efficiency and profitability of their card business, increase transaction volumes and values and better serve different customer demographics, as well as creating new products.
Nets DAaaS: High value, real-time analytics at low cost
Nets has developed a suite of data analytics tools that can be applied to your bank’s card products – Data Analytics as a Service, or DAaaS.
This product suite filters and aggregates customer transaction data and interprets it to deliver fully customised reports that group and visualise customer behaviours using RFM analysis.
RFM analysis allows banks to interpret the recency (R), frequency (F) and monetary value (M) of user behaviour, all in a cost-effective, continuously updated package.
Power up your analytics with DAaaS
The solution saves business analysts time by aggregating transaction data and comparing it to customer profiles. More than this, it also provides novel analytics through segmentation.
Business analysts can group transactions by product, customer demographic, time series, location and a host of other options.
Results can be compared against targets for that payment product, customer segment or other criteria, enabling the rapid development of an accurate, effective business strategy.
Find out more about how your bank can improve its data aggregation, management and analysis at low cost. Download the Nets DAaaS product brochure now.
The post Banks are missing out on a customer payment data goldmine appeared first on Payments Cards & Mobile.
