Finding the right debit and credit card analytics tools

Takeaways to help your portfolio performance breakaway in 2021

Publisher’s Note: CUInsight is hosting a free webinar Wednesday, January 20th titled, Finding the Right Debit and Credit Card Analytics Tools: Takeaways to Help Your Portfolio Performance Breakaway in 2021. We hope you’ll join us! Register here.

You have your members’ debit and credit card transaction data. Lots of it.

But can you make sense of it – quickly and easily? Are you using tools that can help you make transformative business decisions?

“More than ever, real-time information is available that drives almost all our decisions,” says Kristen Hinton, Director, Portfolio Management for Card Services at Fiserv. “We type in questions on search engines on any topic of interest – or verbally interact with our home virtual assistant — to learn almost anything. Merely ask your question and information is presented instantly that provides an answer you need – when you need it.”

In the same way, “why not expect your debit and credit card analytic tools to deliver the same results and make it easy to help you manage your card program objectives?” she asks. “Simply ask your questions and get immediate answers to your most pressing business questions.”

According to Hinton, properly developed analytics tools should give you quick and direct access to a broad spectrum of data points necessary to optimize your portfolio’s profitability, expense structure and overall performance – and help drive your decision-making to evolve your card offerings to meet members’ needs. “By providing a rich, yet concise summary of portfolio performance and trends, these tools enable faster analysis so you can adapt your strategies based on facts and make smarter and more effective choices to achieve your card portfolio goals.”

The best tools go beyond portfolio-level data to provide a rich visual picture of member behavior and preferences – from your ATMs, fraud and risk mitigation system, loyalty program, contact center, alert and notification platform, core data and more. “Ideally, data is represented on crisp, understandable dashboard galleries which feature charts and graphs that provide interactive views of important metrics and critical trends,” Hinton adds.

“By making your data simple to see, its strengths and opportunities become more actionable. If the data you are searching for isn’t readily presented, you should be able to type in a query – just as you would via a search engine – to ask your question and obtain your answer, easily, quickly, effortlessly,” she says.

Hinton recommends credit unions look to “use tools that analyze member behavior: how they are transacting and where they are transacting. You’ll identify areas and target groups to grow wallet share to drive profitable execution strategies for your organization. Your data will help you better understand — and serve — your members.”

Don’t forget to join CUInsight and Fiserv for our free webinar titled Finding the Right Debit and Credit Card Analytics Tools: Takeaways to Help Your Portfolio Performance Breakaway in 2021, on Wednesday, January 20th. Register yourself and a colleague here.

Arika Selleck

Arika Selleck

Arika Selleck is the Vice President of Loyalty and Client Analytics Products for Card Services at Fiserv. Her team of experts uses analytics and payments expertise to help financial institutions ... Web: Details