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CBA offers Big Data edge


Commonwealth Bank has launched a new analytics platform for small to medium businesses which the bank says will give them up to minute information on what their customers are buying and what they might want to purchase next.

The Daily IQ 2.0 platform aggregates a suite data feeds and online channels to build a real time map of a business’s performance. It not only gives a business real-time monitoring capabilities but also the option to model future scenarios based on a range of current financial and industry data.

According to CBA, it’s a simple to use platform that the vast volumes of data flowing through the banks internal systems on a daily basis.

“It accesses CBA’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,” CBA’s executive general manager business banking SME, Claire Roberts said.

The platform, which is free for CBA customers, combines an analysis of key financial metrics of a business — income, cash-in-hand, sales trends and profitability — with insights into how its customers are behaving. It also enables a business to benchmark their current performance against industry peers.

According to Ms Roberts, consumer data like repeat purchases, average spend, age and location can all help a business provide a better experience and also cater to their changing needs.

Daily IQ 2.0, she added, is a tangible example of how businesses can use data to their advantage.

“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.”

The launch of the new platform comes as traditional banks face competition in the SMB market from not only start-ups but also accountancy software outfits like Xero and MYOB.

While fintech start-ups are taking aim at underserved segments, accountancy software is undergoing a transformation of sorts, from serving pure bookkeeping needs to providing wider banking functions for its customers.

The biggest asset for the big banks is the data they hold on their customers and the Daily IQ platform showcases just how the data pools can be aggregated to provide a managed services offering to business still relying on ‘gut-feel’ to make their decisions.

“Many small businesses owners are not experts at data analysis, but Daily IQ does that for them and gives them more time to focus on what they do best,” Ms Roberts said.

Daily IQ 2.0 is fully integrated into CBA’s online banking portal, NetBank, and business banking platform, CommBiz.

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