The intelligent interpretation and use of debit and credit card program data can provide a pathway to business success. Financial institutions are seeking tools that provide actionable analytics and rapid insights that can lead to the development of meaningful strategies and execution of transformative business decisions.
Properly developed, analytics tools should give you 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.
Here are three ways to ensure you’re working with the right tools.
- The best tools go beyond portfolio-level data to provide a holistic view of consumer behavior and preferences – from your ATMs, fraud and risk mitigation system, loyalty program, contact center, alert and notification platform, core data and more. And real time alerts should notify you of key metric variances in trends, allowing you to focus your time and attention on what’s important to your business.
- Is your data represented on crisp, understandable dashboard galleries which feature charts and graphs that provide interactive views of important metrics and critical trends? By making your data simple to see, its strengths and opportunities become more actionable. If the data you are searching for isn’t readily presented, you should be able to type in a query – just as you would via a search engine – to ask your question and obtain your answer. Easily. Quickly. Effortlessly.
- Your data should let you “know your customers” to help you build frictionless payments experiences that translate into more meaningful sales opportunities and deepen consumer relationships – with potentially fewer branch visits and contact center calls.
By choosing your analytics tools wisely, you’ll enable your financial institution to make informed business decisions that lead to deeper consumer relationships, mitigate attrition, proactively drive desired consumer behaviors, and grow your program.
Download our whitepaper, “Creating Actions from Insights: Using Your Data to Grow Your Debit and Credit Card Business” to learn how to elevate your business insights, integrate data into your decision-making, and differentiate your business.