17/11/2017 14:46 SAST | Updated 17/11/2017 14:46 SAST

3 Ways That Big Data Can Affect Your Business – In A Good Way

The most important innovations are the ones that improve how businesses relate with their customers.

Unsplashed | Rafal Jedrzejek

Disruption in the financial services industry through global innovations has changed the way consumers and businesses engage with each other. These disruptions are well documented. Nedbank has carved an impressive niche in creating value-added services for its clients through a dedicated team focused on innovation.

Nedbank Market Edge™ is a first-in-market data analytics tool, enabling merchants and other businesses to gain business intelligence and valuable insights into client behaviour using big data.

Chris Wood, Executive Head of the Emerging Payments team at Nedbank, says that packaging big data as a service to clients is one of many ways in which Nedbank challenges traditional business models and product offerings.

Here are three other ways that Nedbank is breaking ground with this innovation:

1. Easy to use technology

Many businesses look for transactional or behavioural data about their clients using surveys or other data-capturing methods. Market Edge™ intelligently packages this information in an easy online tool, aggregating all card transactions passing through a Nedbank point-of-sale (POS) device.

2. Builds more valuable relationships with clients

In a case study on how Nedbank relies on big data and advanced analytics to expand and diversify its deposit base, Harvard's MIT Sloan Management Review (SMR) has documented that Nedbank has realised that it can build more valuable relationships with its merchant clients through the use of Market Edge™. MIT SMR executive editor David Kiron says, 'once they expand their sales capabilities for this tool, they will be able to dramatically expand the number of merchant locations using Market Edge™, and thus long-term support growth as well.'

3. Easier way to manage day-to-day business needs

Nedbank has also introduced a cash advance solution called GAP Access™, which is an innovative alternative to access working capital for businesses that accept card payments. The advance of funds and repayment terms are linked directly to card turnover. GAP Access™ introduces an innovative alternative to traditional business loans and facilities, using the actual turnover through the POS device to help grow the business.

"Traditional financial services companies need to reinvent themselves to stay relevant, often having to consider disrupting their own products and internal services," says Wood.

Get in touch with Nedbank's team of experts for advice on their innovative tools and Whole-View Business Banking solutions.