In today’s digital age, the financial services industry is increasingly driven by information and data. It generates a massive amount of customer insights from the payment information. For card issuers, retailers and acquirers, the financial transaction data offers better insights into customer behavior by providing a deeper understanding of sales and customer spending patterns. The valuable data insights help businesses to improve profitability, optimize revenue and cut costs.
Forward-thinking banks and finance companies are harnessing the speed & accuracy of analytics to monetize this data! Are you leveraging your transaction data to drive profits? If not, this read is for you where you discover;
Banks and Non-Banking Financial Companies (NBFCs) take things a notch up by extracting value from distinctive data sets and integrating it with advanced analytics. Applying analytics to transaction data management offers end-to-end visibility into the payment environment.
This makes it easy to:
Analytics is a powerhouse for progressive banks in today’s highly competitive business landscape. Banks and NBFCs have realized the value of having real-time access to the right analytics and business intelligence tools. Strategies that are led by analytics can improve profits by optimizing customer service and cutting costs, directly impacting both the top line and bottom line.
Payment analytics helps institutions in making informed decisions every day. Formulating frontline strategies to make profitable choices enables financiers, marketers, and operations specialists to monetize payment processes and set the business direction. The right analytics platform helps understand customer behavior, buying patterns, and market trends to successfully enhance customer experience, increase sales, & avoid frauds.
Data drive payment providers to tap into a wide range of revenue streams and retargeting previously qualified leads to exploring new markets with cross-selling products. Depending on how the data is leveraged, it can also have an extraordinary impact on customer satisfaction.
Any established financial firm or bank generates two types of customer data:
It consists of information related to assessment needs, customer preferences, spending habits, and so on. This data can be collected from different payment modes like credit and debit cards, mobile wallets, ATM transactions & payments made through digital wallets.
It is extracted from digital IDs to social media platforms to synthesized analytics extracted through sentiment analysis, predictive modeling and more.
The financial services sector can drive maximum value by adding supplemental data to their current internal data. New Fintech entrants are already using this information to promote targeted offers, provide personalized investment advice and prompt more meaningful customer interactions.
To unlock the potential of data monetization, it is essential to use advanced analytics tools to analyze, predict, and strategize. They cover vital elements of the customer lifecycle to act upon from the generated insights while maximizing the ROI.
Take a look at how we enabled two top service providers to harness the power of data analytics for better business outcomes.
A Canada-based union bank wanted to enhance transaction safety & customer experience. Rishabh Software custom developed a robust bank management system for fraud analysis and integrated it into their current infrastructure. The new solution offers:
After deployment, the system is handling a million transactions per second. It also resulted in 4x increase in operational efficiency.
A Europe-based digital enterprise wanted to develop a money payment app to facilitate real-time fund transfers & simplify currency distribution. Our team developed a user-friendly platform with an intuitive user interface to enable instant transactions across the globe. Its key features included:
The new centrally hosted transaction platform resulted in 100% transparency and the highest customer satisfaction rate achieved so far.
These use cases are a compelling reminder of how technology can revolutionize old patterns and processes. Analytics has that potential!
Partner with us to harness the potential of analytics and reach new heights
Despite this, most credit unions and banks are still confined by information management silos. Now is the time to digitalize financial transaction data management.
Some crucial initial steps to follow are:
As the financial services sector continues to evolve, providers must leverage emerging technologies to stay in business. Simultaneously, competing with the new entrants, complex regulatory challenges, rising customer demands to mitigate fraud risks.
So, whether your IT environment is on cloud or on-premise, dynamic visualization tools can help you stay in business and thrive in the digital space.
We’ve enabled leading banks and financial companies to gain unparalleled access and insights into customer payment data & transaction KPIs. Rishabh can help you develop a dynamic platform that integrates transactions as a part of the payment solution and offers the following benefits:
The right set of payments and analytics tools will make a big difference to your revenue channel. Partner with us to future-proof your services with intuitive payment analytics, intelligent reports and real-time visibility of the entire ecosystem.