January 14, 2015
The payments business is increasingly driven by information. Strategies and execution led by information insights can improve profitability by optimizing revenue and cutting costs. For example, data driven insights generated by analytics solutions help capture as-is costs which can further be compared with bank and industry benchmarks to help drive a cost management program. Other major applications include reduction in payments fraud occurrences and building a body of knowledge from customer data points in order to structure value-added services and bring opportunities for cross selling. Here are some notable organizations in the payments industry generating insights through their analytics solutions:
American Express Business Insights offers a unique view of customer behavior, market activity and industry trends. Based on transaction data from a network of approximately 90 million Cards in circulation in over 125 countries, Amex gathers a wealth of timely information that sheds light on the actual aggregate spending behaviors of consumers and businesses and enables the ability to see trends as they’re developing. Through advanced modeling and analytics, Amex transforms raw data into a suite of powerful business intelligence offerings. The analytics solutions help increase engagement with current customers, find and acquire new ones, benchmark against t ...