Credit Card industry, in the recent past, has seen a huge surge in volume, stiff competition, various product offerings and various incidences of fraud. Banks and Financial Institutions dealing in credit card require information on the credit card on account of the unique nature of credit card exposures. The Credit Card portfolio of banks require detailed analysis on account of high volumes, unsecured lending, default patterns, credit limit alterations and divergence of user behaviors. Credit Card Analytics from Hexaware proposes to fulfill this requirement
Credit card transactions are one of the richest sources of data for customer analytics in the financial services field; yet, relative to the wealth of insights they hold, one of the most commonly under-utilized sources of information as well. Most credit card providers today apply only the traditional data mining models on this data, such as value, behavior and needs/lifestyle segmentation, churn prediction and credit risk models, considering credit cards as merely another banking product.
In order to maximize the benefits, credit card providers need to start changing their views regarding transactional credit card data, and start looking at it more from a retailer’s perspective. Tapping into the location, product, and competitive intelligence aspects of credit card data opens new revenue sources for both the providers and the merchants
Summarising here – The following benefits will come
- Targeted Merchant Ads for Google Dollars
- Real Time Competitive Intelligence for Merchants
- Cross Brand Partnership Opportunities for Merchants
- Tapping into Location Based Marketing
- Sneak Peak into Competitor Customers
For more additional points refer here.