18 Companies Pushing The Envelope in Payments Analytics

I am sure you would have already heard about Falcon 9 that had experienced a problem shortly before first stage shutdown yesterday (Yes, it’s rocket science!). Apparently, the only way to know what happened there is, as Elon Musk describes in a tweet, Cause still unknown after several thousand engineering-hours of review. Now parsing data with a hex editor to recover final milliseconds.

Think about it for a moment. Payment businesses today are equally complex; the number of parameters to manage have grown so much in numbers that you need to really manage the data tsunami (Did I mention fraud and risk?). No longer can human minds and simple dashboards keep your business up and running, not to talk about disasters. Increasingly data analytics is connecting, calibrating and creating new opportunities not only for realizing the full potential of the data wave, but also for unleashing new experiences that have not yet been articulated.

Some easy examples here are personalized digital offers, dynamic pricing for goods and services, risk scoring for authentication, etc. The more interesting examples will involve synthesis of multiple, disparate data sets from multiple industries—both real time and historical—mashed up to generate a nuanced understanding of consumer behavior and an unprecedented ability to generate experiences that delight.

Analytics allows organizations to identify patterns and categorize cardholders through a multitude of attributes and variables. Mobile technologies have greatly enhanced this data collection by giving organizations valuable information about individuals’ transactions, preferences and online interactions. 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 (of course, there are more) in the payments industry generating insights through their analytics solutions:

Younger companies

Feedzai

The company focuses on next-generation fraud prevention software that protects electronic transactions. It credits its rapid success to its early focus on big-data analytics applications. Feedzai leverages modern in-memory data processing techniques that are different than older fraud prevention software solutions; its software detects 3 times more fraud at the same level of false positives. This means th ...

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