How does transaction data relate to Big Data?

For any bank, payment processor or other financial institution concerned about the end customer experience, transaction data is your goldmine. Each digital banking transaction that travels across an ATM, POS, Mobile Banking, Internet Banking, Branch, Core Banking or Messaging Middleware environment can provide powerful answers to questions such as:

  • What are customers experiencing across all my banking channels?
  • How are my networks, applications, hosts and third party service providers responding?
  • What is the business value of each consumer interaction from a revenue or service perspective?

What is a Transaction

In today’s complex networks, digital transactions continue to increase, leading to some Big Data challenges. One customer interaction is often made up of sub transactions – many moving parts between a start point such as the ATM, and the end point, such as a host authorization. These moving parts could include things such as transaction switches, firewalls, service applications or host security models. When INETCO talks about transactions, we talk about all the data collected on an end-to-end transaction path, correlated into one, complete transaction.

Who uses transaction data?

Who uses transactions

Operations and help desk support teams use real-time transaction monitoring and transaction data streaming products such as INETCO Insight to quickly research and fix performance issues leading to major service disruptions. They benefit from one stop, end-to-end visibility into all the digital banking data they need to manage their transaction networks in a timely, cost-effective way.

Business managers and data analysts use customer experience analytics products such as INETCO Analytics to gain a customer-centric view of how their banking channels are being used. They can use transaction data to gain the visual insights needed to better serve existing customers, acquire new ones, and enhance profitability through improved self-service device placement and catered service offerings.