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Unlocking New Customer Value with Payments Data

November 7, 2023


Leverage payments data to drive business decisions

Unlock new revenue streams and maximize the ROI of existing ones, gain a competitive edge and increase customer trust and loyalty by adopting AI-powered tools to monetize payment data.

Data is one of the most valuable byproducts of modern digital transactions. Payments data is a powerhouse of insights that can help optimize operations, improve customer relationships, offer customized products, and multiply your revenue streams. Unlocking the hidden value of data and monetizing it is critical to remaining relevant in a rapidly digitizing global payments ecosystem. However, the key to reaping the most ROI and establishing industry leadership data lies in adequately deciphering it and leveraging cutting-edge technologies to assess, forecast, and transform the business landscape.

Appreciate Data

Every individual transaction is an insight into business performance at the granular level. Whenever a customer purchases a product or service from an online platform, massive amounts of data are generated. While the raw payment data across in-store and digital payments reveals preferred payment methods, location of the customer, products and services liked by the customer, amount spent, etc. There’s more than just that. It includes the items they searched for and compared, conversion duration, customer trends and behaviors, and much more.

The quantities of available data will only increase as the world becomes increasingly cashless. The time to build your capacity to leverage it is now!


Source: PwC

Types of Payments Data

The types of data available to banks, fintechs, and credit unions can help you gauge the expanse and usability of payment data.

  • Transaction Data: Location, method, time, product purchased, payment mode.
  • Customer Data: Location (address of delivery, in case of online transactions), age group, purchase history, contact details.
  • Product Data: Performance of each product – number of units sold, return/exchange requests, pricing, impact on merchant’s business, etc.
  • Payment Processing Data: Transaction process, settlement delay, fees incurred, authentication methods, payment delays, failure rate, etc.
  • Fraud Data: Fraudulent transactions, reports registered, chargebacks, unauthorized access, stolen or lost cards, etc.
  • Financial Data: Total capital inflow and outflow, administrative and maintenance overheads, business costs, and other data on business health.

Payment Providers and Data

If effectively used, data can have a huge impact on business decisions by enabling the identification of future needs and trends and facilitating planning. Analytics translates raw, unstructured data from diverse sources into consumable information for decision-makers. Data monetization can be optimized by merging consumer and merchant data. This facilitates coupling customers with their preferred merchants and payment modes.

Payment providers can position themselves as industry leaders by strategically forming partnerships and offering clubbed services with customer favorites to maximize ROI for both parties. You can also build loyalty by offering “freemium” pricing and creating lucrative value propositions for referred prospects. Loyalty and enhanced merchant acquisition can be instrumental in gaining a larger share of the issuing and acquiring markets.

Taking Advantage of Payment Data

Although payment data monetization is still in the early stages of adoption, the technology to help you drive business decisions from this data is already available. Here’s how to you can harness the power of this data.

Recognize the Surface Area to be Covered

First, gain control of the payment data. Make sure all data is recorded and organized in a usable format. Try to aggregate data from all sources into a single database, preferably on the cloud, since this makes it easier to access and manage data.

Identify the Right Data Points

There is no dearth of data in the digital age. But not all data can help you. So, recognizing the usefulness of the data is critical to streamlining analytics and driving ROI from the data analysis process. Consult experts to advise you on the most relevant data sets and how to transform massive datasets into usable subsets to extract maximum value.

Leverage Data Reporting Tools

Adopt cutting-edge tools developed with ML-based modern analytical techniques. These tools help reconcile payment data and offer real-time actionable insights. Ensure that the tools and reports are aligned with your industry and business needs. These tools can also provide alerts and notifications on discovering data anomalies to highlight a major shift in customer behavior.

Benefits of Payment Data for Business

Payment data empowers businesses to optimize their payment strategies in several ways.

Optimize Revenues

Insights into payment data help identify points of payment abandonment or failure. Such information can drive better product design and pricing strategies, and boost conversions.

Penetrate Newer Markets

Data on customer location, product popularity, and demand can help businesses penetrate and expand into newer markets. They can create targeted marketing plans and offer the most popular payment options in different regions.

Reduce Cart Abandonment

Cart abandonment, due to overall pricing, lack of payment options, delivery problems, technical faults, etc., leads to revenue losses. Data analysis can help refine processes and address the common causes of cart abandonment to ensure higher earnings.

Customer Behavior

The most important benefit of data analysis is discovering customers’ spending patterns and preferences, along with insights to influence it. This helps businesses create demographically and culturally appropriate marketing plans and product offerings to enhance revenue streams.

Become a Data-Driven Organization to a Gain Competitive Advantage

Your business might not have the expertise or experience to develop and integrate data analytics tools to optimally extract value from data. Also, to make best use of these tools, it helps to discover business areas that do not offer actionable knowledge. Plus, data can be instrumental in identifying risks and long-term trends, thereby driving business decisions. Opus Technologies, with almost three decades of experience in the payments industry, is the preferred partner for payment technology-related services worldwide.

By assessing how customers want to shop, their preferred payment methods, and peak traffic times, our data analytics solutions guide you to fine-tune your business strategies.  The data ensures that banking transactions are adequately batched to minimize system overheads, refine payment reconciliation techniques, and identify sources of friction. All this improves conversion and enhances transaction volumes.

Diversify your offerings, build strategic partnerships, and advance into a customer-centric future with support from the experts at Opus. Contact us for assistance in developing flexible and evolutionary processes, using and fine-tuning the existing models and algorithms through a “start small, scale fast” approach. Grow bigger, operate better, and plan smarter with AI-powered payment data analytics consultation and technology adoption services from Opus.

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