Analytics provides payments businesses with the opportunity to deliver additional value to exceed what is considered your commodity product
What is Analytics?
Analytics is a big data engine built to analyse transaction data and present it in a way that empowers merchants to make informed decisions as well as providing detailed insight to payments businesses of their merchants performance and meaningful trend analysis, Analytics is all about making data more intelligent.
Typically, payments businesses have data in abundance but actually utilising that data, creating deep analytics to deliver meaningful insight is often driven by a team of Business Analysts. Data insight is delivered on a reactive basis after the events they demonstrate have already unfolded delaying the opportunity to respond. As well as using data for the benefit of payments businesses, data presented effectively can be used as a service differentiator for merchants to run their business more efficiently. Data and understanding what it represents is essentially at the very heart of an organisations growth and success allowing it to understand its merchants better and respond to emerging risks and opportunities.
How does it work?
Transactions are in isolation not typically made up of large pieces of data, however Analytics is about harvesting data on a large scale, analysing it, summarising it and transforming it from what essentially started life as raw nuggets of information into a graphical display that is easy to interpret.
With the flexibility to capture data from a variety of sources, in a variety of formats Analytics can provide valuable insight into merchant patterns as they emerge enabling organisations to react quickly to a changing landscape. For the end merchant where your service would benefit from exposing some of this data to them to make informed decisions, merchants can be empowered to manage themselves more effectively and gain meaningful insight. Data through Analytics is a lot more than about finding a value or time stamp, consolidated it presents intelligent analysis that enables institutions and their merchants to make informed decisions. Typically payments businesses struggle to effectively analyse and report this data, especially in real time – constrained by the challenges
of architecture and the ability to process “big data”.
Analytics is non-intrusive, it doesn’t require additional CAPEX within a merchants location or financial institution and equipment can remain “as is”. By analysing data capturing, in whatever format and by whatever means available, Analytics can intelligently translate that raw data into insight.
Analytics can consolidate performance information from multiple sources and brings together multiple environments in one consolidated view.
The ability to present live data as it happens
Analytics can successfully harvest, analyse and report on data live.
This capability enables organisations to immediately respond
to emerging trends as they happen rather than reactively
looking at data that is days or weeks old.
Meaningful insight into merchant behaviour and performance
Analytics can be used to generate reports based on areas
of interest delivering summary or detailed information.
A valuable enhancement to reporting capability
Analytics provides payments businesses with the opportunity to deliver additional value to exceed what is considered your commodity product. By delivering additional capability the merchant recognises the true value of the relationship beyond just a conversation about price, improving retention and experience.
The opportunity to provide detailed insight without a need for CAPEX
Clear insight into merchant behaviours and patterns live
The ability to measure performance and success of marketing activity
Platform agnostic, can work across multiple platforms, multiple data sources, multiple formats
Use in conjunction with technologi’s other capability including Revolution, Prospect and Velocity for additional benefits