To retain customers and attract new ones, you need to leverage technology and data to guide your strategy, says Banyan COO and CFO Michael Budde in a new PYMNTS eBook, “The Implications of Uncertainty.” I am writing.
As we head into the second quarter of 2024, businesses face a sea of uncertainty. From changes in spending patterns and the interest rate environment to the evolving role of artificial intelligence (AI) in business operations, the landscape is complex and constantly changing. Amid all this uncertainty, one thing is clear. That means better data means better choices.
Uncertainty: Consumer and business spending in 2024
Consumer spending increased in February 2024, the largest increase in a year. The surge shows the economy's resilience, a view echoed by Federal Reserve Chairman Jerome Powell. However, much of this spending is supported by savings rather than increased income. In this context, retailers and banks need to focus on offering compelling value propositions to better reward loyal customers and differentiate themselves to attract new consumers. there is.
Uncertainty: The role of AI in business
Banks and retailers are experimenting with AI to deliver on business priorities. JPMorgan Chase recently shared in a letter to shareholders that it has over 400 AI use cases in production spanning marketing, fraud, and risk. The effectiveness of any AI use case in any business depends on a foundation of rich, accurate data. Companies that invest in both AI and high-fidelity data access will discover valuable market and customer insights and enjoy competitive advantages.
overcome uncertainty
Data and technology must enable timely and appropriate responses to market conditions. Here are three key elements that are at the core of how we serve our platform partners at Banyan.
- Clarity: Banyan's platform facilitates collaboration between merchants and financial institutions and integrates diverse customer spending data sets. This provides a clearer understanding of purchase behavior at the receipt level and sales revenue attribution at the product or brand level. When a consumer checks out at their local grocery store, it is the culmination of many item-level decisions that yield insights for merchants, banks, and consumers in ways that foster a more personalized experience. He has made one decision.
- Versatility: A single data connection to Banyan can power multiple use cases across many partners, and you can easily scale up or down based on market signals or changing business priorities. This means increased speed and options to power a wide range of solutions, from fraud mitigation to enhanced card-linked offers, loyalty reward engagement, and more.
- Simplicity: Build once and achieve scalability with even less effort. As a trusted data integration partner, Banyan's platform does the hard work to power any receipt data use case, whether known today or identified tomorrow. A single data connection allows business and technology resources to focus on core growth initiatives instead of focusing on maintenance and building integrations to power new solutions.