Businesses that use data strategically can create opportunities, drive growth, and reduce risk, says Jeff Pomeroy, SVP and Head of Omnicommerce at Carat, Fiserv, in the new PYMNTS e-book, “The Implications of “Uncertainty”.
In the face of uncertainty, data has emerged as business's most powerful ally. Organizations that treat data as more than just a collection of numbers and see it as a strategic driver have the ability to act quickly and efficiently, unlock new business capabilities, and drive meaningful innovation for their customers. Masu.
At the core of Fiserv's Carat strategy is developing solutions that make it easy to view and understand the payment data flowing through your business so that you can strategically build for the future. Through cloud-agnostic solutions, businesses can seamlessly connect payment data to supplier, customer loyalty, employee, and other data sets to generate new insights. Here are some data-driven trends that are poised to transform future payments innovation.
Data sharing between sellers and publishers
Merchants and issuers each possess valuable payment intelligence. By making it easier for these companies to share data across the ecosystem, they can make better decisions that drive growth, reduce risk, and foster innovation. Central to this strategy is enabling seamless, real-time data exchange. By bringing powerful merchant and issuer intelligence to more businesses, payment providers can more effectively combat fraud through real-time risk monitoring and dispute management leveraging the best data the industry has to offer. and reduce operating costs.
Leverage conversational AI
The introduction of conversational artificial intelligence (AI) in data analysis is a major advancement from traditional methods that often require specialized training and expertise. Conversational AI democratizes the ability to query data by providing intuitive interfaces and user-friendly interactions, allowing users at all levels of an organization to make data-driven decisions without being hindered by technical barriers. Allow decisions to be made.
As it relates to payments, conversational AI facilitates real-time data exploration and visualization, allowing businesses to query data almost instantly to better understand trends, patterns, and anomalies within datasets. Whether it's sales performance metrics, customer behavior patterns, or market trends, companies can use AI to gain on-the-fly insights, enabling agile and responsive intent in dynamic business environments. allow decisions to be made.
Insights beyond payment data
By leveraging diverse data sources, businesses can expand their existing payments datasets to create more comprehensive insights. A simple example of this is:
- Aggregate payment data Working within similar categories and industries allows companies to understand their market position and identify opportunities for growth. Wallet share insights help you make more informed decisions, including assessing market share trends, assessing customer loyalty, and optimizing strategies.
- Performance benchmark: By analyzing metrics such as transaction times, success rates, and processing costs against broader datasets, companies can identify areas for improvement and benchmark their performance against industry standards. can.
- Customer behavior outside the store Understanding where shoppers engage before and after a purchase provides deeper insight into shopper behavior and can inform broader marketing and customer journey strategies. Using these insights, sellers can determine the best way to reach customers and identify adjacent products and services that can be part of their offerings.
In many ways, data drives innovation. Whether it's real-time cloud sharing to accelerate funding cycles, enhanced risk models, or enriched customer and loyalty data with payment behavior, businesses have more opportunities than ever to unlock value through insights.