Why transaction data?
For any bank, payment processor or other financial institution concerned about digital transformation and the omni-channel customer experience, transaction data is your goldmine. Each digital banking transaction that travels across your self-service networks and payment processing environments 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?
- How can I better engage my customers?
- Where and when do I face the potential threat of a fraud attack?
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 or other self-service device, and the end point, such as the 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?
IT operations, channel systems teams and help desk support 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. A variety of data access options makes it easy to feed this data into any application or team that needs it.
Business managers and data analysts use real-time customer transaction data and on-demand 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.