Commonwealth Bank today launched Daily IQ, a new mobile analytics app that gives business customers access to insights about their cash flow, sales and the market they operate in.
The first-of-its-kind mobile app uses transaction data to deliver tailored analytics to business customers across three core areas:
- Cash Flow: to help businesses manage working capital, through a better understanding of their cash flow position, balances and payment types.
- Merchant Insights: to provide businesses with detailed analytics on spend across their terminals by sales turnover and volume, location, transaction size and time.
- Customer Insights: to help businesses get closer to their customers by understanding their customer demographics better, including age, gender, location and average spend.
In addition, the built-in Media Centre provides broader industry and market information to support business decision making and planning. This includes local and international share market updates, commentary on key economic data and analysis, plus a range of industry reports.
“Business analytics have often been the domain of larger companies, due to the investment involved in accessing multiple data sources. Now with Daily IQ, all businesses can have access to tailored insights in one convenient location,” said Gary Roach, Acting Executive General Manager Corporate Banking Solutions, Commonwealth Bank.
“Through Daily IQ, our business customers will not only gain a competitive advantage to enhance their performance, they will also have the agility to act upon timely insights to help keep their business moving forward.
“With approximately 40 per cent of Australia’s consumer transactions going through our systems every day, only CommBank has the volume of data required to provide the depth of insights contained in Daily IQ. However, what’s more important is helping customers understand the story the data is telling. As a result, the interactive nature and visual interpretation of the data enables customers to quickly and easily understand what it means for their business,” said Mr Roach.
Security, trust and privacy are core to CommBank’s relationship with its customers and all data used in Daily IQ is aggregated and de-identified to protect confidentiality by ensuring no individual information is made available.
“Advanced analytics can help businesses gain valuable insights to better manage sales and inventory and provide new intelligence on where savings and growth can be achieved. This can enable businesses to more effectively manage operations and provide better support to make product, pricing and investment decisions,” said Michael Harte, Group Executive Enterprise Services and Chief Information Officer, Commonwealth Bank.
“With tools such as Daily IQ, CommBank helps our customers make higher quality decisions with rich insight for their businesses. The provision of these new data services are tailored, secure and private,” concluded Mr Harte.
Available to download today
The Daily IQ app is offered as a value-add platform at no additional cost to CommBiz customers. It can be downloaded for iPad owners from the App Store today.
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