Benefits of transaction analytics
By Mariana Almeida Marques
Transaction analytics have long been a valuable tool for insurers and other financial institutions, and they are becoming more efficient than ever. We have previously discussed the potential of real-time payment analysis, as well as the obstacles of analysing real-time data and how businesses can overcome them. In this article, we will focus on exploring some of the benefits that transaction analytics can bring to businesses. Besides enabling you to instantly connect to any PSP or payment method, the Imburse platform also provides you with all the tools you need to optimise your payments system, including transaction analytics.
Improve customer experience
Transaction analytics provide you with priceless customer insights that can help identify key trends and preferences amongst your customer base. Knowing your customer is crucial to ensure satisfaction and retention. Transaction data can be used to analyse what is going well, what is going wrong, and areas of improvement in terms of customer experience.
Making informed business decisions based on your customers’ preferences and their own behaviours will prove successful in the long-run. It will also make your business more competitive, particularly as more and more businesses adopt strong customer-centred approaches. Customers hold all the power, so by identifying their needs, behaviours and preferences, you will be able to better tailor your services to them and ensure higher rates of success. Simple behavioural aspects such as the most popular times of the day for purchasing services, what customers are buying or how often, can be pertinent to improving customer experience.
If your planning on launching a new product or service, transaction analytics can help your business understand the need for this product, as well as your target audience and how successful the product may be once it reaches the market. As we have mentioned before, adopting a customer-centred business approach has proven to be incredibly beneficial for businesses, particularly in the last few years. With transaction analytics, you can also gather relevant data regarding the products your customers are looking for and what they are willing to pay, which may help support ideas for new products, services or add-ons.
Marketing is also a key area that can benefit greatly from customer insight and play a significant part in increasing profit for the company. Insights into customer behaviour can help your marketing team plan more targeted campaigns, reach more customers and improve ROI. Financial services is a fast-paced and ever-changing industry, so being adaptable, quick to respond to trends and agile in identifying sales opportunities is likely to guarantee your competitiveness in the market.
Accessing transaction analytics on a single platform, in a seamless and clear dashboard, can save you plenty of time and resources. Transaction data is extremely valuable, but it is also difficult to gather and analyse, especially if you partner with multiple PSPs and get individual data reports from each partner. Imburse provides you with a single reporting source, so you can easily draw insights from the data and quickly apply these insights into your business decisions.
Generally, transaction analytics help you optimise your payment operations and reduce internal costs by focusing on the needs of your customers and finding more cost-effective solutions to meet those needs. Rather than making business decisions blindly, transaction analytics can provide you with insight into less efficient areas that need improvement, or areas that may require less investment.
Ensure regulatory compliance
Security is a key concern for any business that takes payments, so there are increasingly more investments in this area. From an ethical point of view, every business should want to protect their customers and the business itself from online fraud. But there are also tight regulations that businesses must follow, such as the PSD2 regulation.
Transaction analytics can help you access your customer’s information and historical activity, so you can create a profile for them and even compare it to other customers. The principles of Know Your Customer are particularly relevant when it comes to online security. There is also a wide range of technologies that can detect fraud or suspicious transactions automatically and will notify you when a certain transaction needs investigation- some providers may offer this additional tool.
How Imburse can help
Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.
In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.
Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.