The Commonwealth Bank says businesses across Australia now have access to new, online data-driven tools that provide practical insights to enhance their performance and productivity with the launch of its Daily IQ 3.0 data insights platform.
The latest release of Daily IQ is targeted at small and medium enterprises (SMEs) and institutional businesses and designed to provide them with personalised insights into their cash flow, their performance against the industry, as well as the purchasing behaviours of existing customers including repeat purchases, average spend, age and location.
Daily IQ 3.0 is integrated within the existing functionality of Commonwealth Bank’s online banking portal, NetBank, and business banking platform, CommBiz, and is now available to all eligible CBA business customers.
Commonwealth Bank lists two new features built into the latest version of Daily IQ, as well as enhancements to provide clients with more insights, including:
The Local Economic Impact (LEI) tool giving business owners insight into the success or impact of a local event by comparing consumer spending. With insights derived from aggregated card transactions via CommBank merchant facilities, LEI provides insight into changes in average daily sales, transaction volumes and transaction size as well as differences in where customers come from and their ages between the selected time periods.
The Interest Cost Forecast (ICF) tool enabling clients to see how interest rates have performed over the past seven years, forecast the potential interest cost of their lending portfolio and stress test changes to interest rates to identify possible risks and opportunities. With ICF, customers can attain a better understanding of their debt position in a changing interest rate environment.
Adam Bennett, Group Executive, Business and Private Banking, Commonwealth Bank said: “By providing businesses with data-driven insights we’re helping them make better decisions on how to optimise their finances, where to expand, where to target marketing, when to optimise staffing, and where to increase customer loyalty”.
“The reality for many businesses is that data can be hard to get and even harder to analyse. Daily IQ is putting actionable insights directly into the hands of businesses helping them make informed decisions to enhance their performance and productivity.”
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