Three steps to grow your debit and credit card business

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You’ve got data.  Plenty of it. But do you have the analytics tools that can transform your debit and credit card data into actions that drive measureable strategic and profitable business decisions? Here are three steps to take that can help you to improve the performance of your debit and credit card portfolios.

  1. Elevate Your Business Insights

More than ever, real-time information is available that drives almost all our decisions.  We type in questions on search engines on any topic of interest – or verbally interact with our home virtual assistant — to learn almost anything. Merely ask your question and information is presented instantly that provides an answer you need, when you need it.

Find analytics tools that give you the same quick and direct access to a broad spectrum of data points necessary to optimize your portfolio’s profitability, expense structure and overall performance – and help drive your decision-making to evolve your card offerings to meet consumers’ needs.

  1. Integrate Data into Your Decision-Making

Your analytics tools should provide insights that can complement how you approach making important business decisions.

Predictive analytics are one example. An interface with a weather service could help guide your decisioning when a major storm is forecast for your area. Consider how the storm will impact your business and cardholder spending.

Another example is perspective analytics that integrate data and modeling capabilities which can have a significant impact on your cross-sell and upsell strategies. Your data can be used to create a full picture of your accountholder relationships – which products and services they use, and how often.

  1. Differentiate Your Business

Ensure you see information that clearly identifies your challenges and creates business opportunities. Make sure you choose tools that provide:

  • Easy-to-use and intuitive data
  • Actionable data you can use to transform your business
  • Access to an integrated view of all your data
  • Predictive and perspective analytics

Download our whitepaper, “Creating Actions from Insights: Using Your Data to Grow Your Debit and Credit Card Business” to learn how to make informed business decisions that lead to deeper consumer relationships, mitigate attrition, proactively drive desired consumer behaviors, and grow your card program.

https://bankautomationnews.com/allposts/retail/three-steps-to-grow-your-debit-and-credit-card-business/