Nedbank has launched what it believes is a first-in-market data analytics tool, Nedbank Market Edge, enabling merchants and other businesses to gain business intelligence and valuable insights into client behaviour through big data.
Nedbank Market Edge seeks to empower Nedbank card-accepting companies to develop informed strategies on the back of their own big data, by utilising a multi-layered, user friendly dashboard that draws data from client’s card transactions.
The product provides the user with a number of tabs, ranging from transactional overviews at holding, brand or store level, to share of wallet and client loyalty information. This tool provides businesses with geolocation information about the reach of an outlet into client markets, enabling them to analyse and determine key trends as well as the changes in their client’s behaviour over time, making it easy to develop real-time responses. It also provides a breakdown of clients’ spend patterns, income segmentation, gender and age demographics.
Chris Wood, head of emerging payments, strategy and regulatory at Nedbank, notes that Nedbank Market Edge has been especially designed as an innovative value added service to build on the core acceptance capabilities already provided to the bank’s card merchants through a broad range of strategic information. “These are real benefits for businesses, allowing them the much needed time and effort to focus on growing their businesses.”
According to a study conducted by the McKinsey Global Institute, big data has the potential to increase net retailer margins by as much as 60%.
Wood says that packaging big data as a service to its customers is one of many ways that Nedbank is challenging traditional business models and product offerings. Many businesses seek transactional or behavioural data about their clients, using surveys or other data capturing methods to build up a view. Market Edge intelligently packages this information in an easy to consume online tool, aggregating all card transactions passing through a Nedbank point of sale device.
As such, this tool is vital to understanding “foot fall” to help with optimal management of staff shifts or strategies to stimulate and attract new clients at quieter periods of the day. “Inadequate staffing can result in unintended consequences such as reputational risk and loss of sale. The cost of client acquisition for any business is difficult to manage in isolation of a retention strategy, more importantly; trying to regain lost clientele can be even more costly. Market Edge is designed to help eliminate this,” concludes Wood.