CBA bets big on big data
(4 April 2017 – Australia) The Commonwealth Bank of Australia (CBA) has announced the launch of Daily IQ 2.0, a new analytics platform aimed at its small and medium business customers.
The platform, which has been updated from an earlier version launched in 2014, will be made available for free through CBA’s online NetBank and CommBiz services.
Daily IQ 2.0 draws on data including the CBA’s 1.2 billion monthly transaction records, industry data, and a customer’s account and point-of-sale information, the bank said. The platform can provide insight into suburbs where most customers live, for example, based on card-based transactions.
The bank says that a key improvement from the previous release is a comparison feature that allows SMBs to benchmark themselves against similar businesses in the same industry.
The platform allows customers to analyse financial metrics and customer behaviour as well as model future scenarios.
The bank said that initially its small and medium business customers would be able to access the new tool, with CBA aiming to roll it out to smaller businesses later this year.
“Through Daily IQ 2.0, our goal is to empower SMEs to take advantage of the scale of CommBank’s transaction information combined with important data feeds and scenario modelling to create a clearer daily picture of the opportunities and risks that exist within their business,” Claire Roberts, Commonwealth Bank executive general manager business banking SME said.
“SMEs are constantly being told about the benefits of big data, but the reality is that many don’t know where to start or have the time and expertise to produce insights that actually impact their day-to-day decision-making.”
Meanwhile, the bank has also announced a partnership with ASX-listed GetSwift that will see the logistic company’s software integrated into the bank’s 75,000 strong Albert POS system.
The integration means that all merchants using the point-of-sale terminal will be “delivery ready”, with GetSwift automatically queueing, batching, routing, and dispatching the delivery of any products purchased through an Albert POS.
Delivery can be outsourced to logistics companies within GetSwift’s network, or pushed through to the merchant’s own delivery team.
Additionally, drivers within GetSwift’s network will be equipped with an Albert terminal or associated device allowing customers to pay for goods on delivery, instead of prior.
According to GetSwift, the partnership will result in 257.4 million deliveries through its platform over the next five years, translating to an aggregate transaction value of A$9 billion.
GetSwift executive chairman, Bane Hunter, said: “This integration will take delivery from being a fringe benefit to a norm for Australian retail, and will usher in a new era of convenience for shoppers.
“For vendors, it’s a cost effective way of tackling the threat from Amazon, Foodora, UberEats, Deliveroo and other global technology companies attempting to capture this space, and charge retailers a significant premium for the benefit of what is becoming an expected service.”
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