A revolutionary big data platform has been launched to close the transactional loop that’s currently broken every time a customer leaves a store with a paper receipt.
Speaking at the FinovateEurope 2013 conference in London, ERN (www.ernglobal.com) has highlighted how Looop brings together card payment and merchant data in real time.
For the first time banks and merchants will be able to see the granular detail of every purchase, allowing them to build detailed profiles of individual customers in order to target them more effectively. Looop is PCI and ISO 27001 compliant and capable of processing 100,000 transactions per second, performing real-time data analysis that gives banks and merchants invaluable insights into customer purchasing behaviour. It is designed to run alongside existing IT infrastructure with minimal deployment costs. For banks, in depth-analysis of transactional data will help them understand how people – both individuals and groups – use their credit and debit cards to purchase goods, enabling them to encourage and reward customers for using their card. For merchants, understanding customer behaviour enables them to build effective loyalty and reward schemes that don’t rely on a ‘one size fits all’ approach, but offers individual customers discounts on things they really want to buy. ERN’s CEO Dan Brassington said: "While banks and merchants generate reams of data every hour, the value of this data isn’t realised because legacy IT systems make it impossible to evaluate and analyse in any meaningful way." ‘Transactional data holds the key to long-term customer loyalty. If banks can get to grips with this big data it can be used to create additional value-added services for customers, promoting their credit card to the top of the consumer’s wallet. "Merchants can use the data to build profiles of individual customers to better understand purchasing behaviour and generate a long-term relationship with them. By making the link with the type of other items they would be interested in, they can create and deliver a compelling, highly targeted and personalised offer or loyalty coupon to their smartphone."
"Looop allows consumers to leverage the power of their transactional data via the highly personalised offers delivered to them in a timely fashion through their smart-phones. As well as acting as a container for these mobile mCoupons, Looop also helps consumers keep an eye on their spending in real time, letting them budget effectively."
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