Cardholders generate a lot of data just by making their day-to-day purchases. Whether they are shopping for groceries, ordering from favorite online retailers, or stopping at the local coffee shop for a daily cup of joe, significant insights can be gained by aggregating and analyzing transaction data. In the United States alone, 70% of our GDP is generated from consumer spending. Day-to-day purchases significantly drive our economy.
A few months ago, as the COVID-19 pandemic impacted the world, consumer spending behaviors changed drastically. This included changes to where people were spending, but also in the methods of payment being used. In a recent survey reported by The Financial Brand, it was found that COVID-19 “accelerated the digital transformation of banking, payments, and commerce.” It is expected that many of these behaviors will remain changed.
If only there was a way to see how your credit union’s members had changed their spending behavior.
Synergent BI Payments Dashboards
In 2019, Synergent BI was launched. This integrated, turnkey business intelligence tool for credit unions continues to evolve based on user feedback. The platform already provided dashboard reporting that collected data from a credit union’s own core and aggregated it with industry sources, such as NCUA.
The recently released Payments Dashboards feature makes Synergent BI even more powerful. It allows credit unions to gain insight into Fiserv payment data that is not currently available within the core. Through interactive visualizations that blend core payments data with Fiserv payments data, users have a more complete view of spending trends.
4 Identifiable Trends
By using Synergent BI Payments Dashboards, credit union staff are better positioned to understand cardholder behavior. The dashboards allow for visualization of how cards are being used and to anticipate income profitability trends. This insight can then be used to promote beneficial member behavior. Below are four examples of how credit unions recently were using the Payments Dashboards:
1. Network Usage
With Synergent BI Payments Dashboards, credit unions are able to see which networks are used the most by cardholders. This is valuable information to have because it directly affects interchange income.
2. Merchant Preference
As we mentioned, during the pandemic, spending habits of consumers drastically changed. Credit unions using the Synergent BI Payments Dashboards were able to see the shift in spending by identifying the types of merchants frequented most often by their cardholders.
3. Data Drill-Down
Beyond identifying spending behaviors and merchant preference, credit unions using the Payments Dashboards over the past few months were able to drill down into the data even further to see the actual spend amount at each merchant! One credit union reported that they had 23% of their transactions happening through a single major online retailer!
4. Demographic Information
By combining core data with card transaction data, Synergent BI Payments Dashboards can provide a view of which member demographics use their cards the most. This information can help credit unions identify and incentivize payment-related behavior among members.
Key Features of Synergent BI Payments Dashboards
- Large volumes of Fiserv payments data
- Denied transactions and authorizations
- Merchant code, transaction type, and network data
- Widgets providing multiple views of data
- Easy-to-understand visualizations
- Drill-down capabilities to zero-in on the data sets
Learn More
Please contact Fred Barber, Account Executive, at fbarber@synergentcorp.com with any questions, to learn how to become a new subscriber, or to increase your existing subscription level to Premium+ to access this functionality.