Big Data and Payments Drive Loyalty in Business Banking

News and Trends in Financial Services

In the ‘consumer edition’ of the blog I suggested that banks can reinvigorate their payments brand and influence customer loyalty by integrating incentives and offers to their payments solutions. The premise is that banks are missing out on an opportunity to become more influential in where people shop and what they buy, rather than just how they pay. Offers can be driven by analytics into a combination of historical payments information and big data analysis of demographics, location positioning and peer group analysis. Such a strategy requires more than an offers solution, or a mobile banking app. It requires a platform strategy for building and integrating enterprise grade payment solutions with data analytics, an offers platform, and a host of mobile devices. However, banks have the opportunity to deliver far more than just offers to a retail banking customers. This edition looks at the value banks can take the same payments modernization…

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