Your payments data tells a story:
✅ Where your best and best potential customers come from.
✅ What they engage with.
✅ Why they convert (or don’t).
In today’s data-rich era, data’s multifaceted value is rising. Regulatory measures are often seen as limiting data’s commercial potential in the payment industry, overshadowing broader growth opportunities.
Payment product issuers should consider a five-step process to maximise the commercial value of the data they hold.
➤ Understanding the regulatory environment
➤ Categorisation of all their data sources
➤ Having the right Key Performance Metrics in place
➤ Enabling ‘real time’ customer interventions
➤ The adoption of data insights automation & machine learning for re-targeting of customers.
Find out why a customer data strategy is key by downloading White Paper co-authored with the Payments Innovation Forum and Bowsprit International which presents some broader context and touches upon the steps towards achieving a properly curated data strategy.
This article was first published by Customer Strategy Network. Permission to use has been granted by the publisher.