Powerful pair: Mobile wallets & big data
As digital banking and wallets continue to grow in popularity and usage, financial institutions (FIs) can expect to see a corresponding change in banking data analytics.
Spending data, in particular, is one area that will see exponential growth in the coming months and years. A recent CUInsight.com article examines three revenue-generating opportunities associated with FIs gathering and mining spending data. Specifically, this valuable data can be used to:
- Develop collaborative relationships — Gathering information on consumers’ spending habits allows community FIs to work with advertisers and merchants to create personalized offers and incentives.
- Deepen trust and loyalty — Gaining a better understanding of consumer spending behavior enables an FI to provide tailor-made financial advice and money management tools. Assisting members and customers in making sound financial decisions will improve the overall consumer experience and build consumer trust and loyalty.