Commonwealth Bank has launched a business analytics platform that it says puts the power of big data into the hands of small and medium businesses.
The Daily IQ 2.0 platform brings together a suite of data feeds and online tools enabling businesses to not only monitor their performance in real-time and instantly view customer purchasing and demographic trends, but also model future scenarios based on a range of current financial and industry data.
“The reason the platform is so powerful is because it accesses CommBank’s 1.2 billion monthly transaction records and links to their bank accounts, point-of-sale information and many other relevant data feeds to give deep insights that typically only the biggest businesses have access to,” Commonwealth Bank Executive General Manager Business Banking SME Claire Roberts said.
The bank says Daily IQ 2.0 has already helped a number of businesses make important decisions, including identifying opportunities about where to open a new store, which customer segments are most valuable and therefore better targets, and how to better manage cashflow. It adds that the platform also enables a business to benchmark its current performance against industry peers and track the spending patterns and demographics of customers in any location.
The platform, provided free to CommBank customers, combines an analysis of key financial metrics within a business – income and cash in hand, sales trends and profitability – with insights into the purchasing behaviour of their own customers, including repeat purchases, average spend, age and location. The platform will be rolled out progressively, initially to small to medium sized businesses and then later this year to smaller and micro-sized businesses.
Daily IQ 2.0 is integrated within the existing functionality of Commonwealth Bank’s online banking portal, NetBank, and business banking platform, CommBiz.