How technology and data can be used to drive marketer performance

The volume and efficiency of cross-border payments have increased significantly over the past decade. Statista data shows that in 2018, cross-border payments worth US$124 trillion were made. In 2022, this has risen to $150.7 trillion. Based on this transaction data, it is predicted that the volume of cross-border payments will continue to grow each year.

There are several reasons for the impressive growth of the industry. Innovations in technology have made transactions easier and faster to complete. Such innovation is being driven by a new wave of payment institutions exploring how technology can be deployed to speed up and simplify transactions. Combine this with a merchant customer base that is collectively willing to invest in the latest payments technology, and the sector is booming.

However, this innovation could not come without the important data that underpins every transaction. Regardless of the sector, any company challenge can be addressed through the effective use of data. You could say it’s the backbone of everything we do in business. And to continue facilitating efficient cross-border payments, data is critical.

Real-time analytics

Adaptability is key for any business, especially merchants in emerging markets, and access to real-time data and analytics means that payments businesses and their merchants can be flexible when needed. Where this is particularly useful is in fraud detection.

The digital payment model and the large volumes of cross-border payments made per hour mean that there are multiple channels and parties involved in a single transaction, increasing the risk of fraud. In fact, the e-commerce industry loses almost £17.5 billion to fraud each year.

Having access to real-time analytics means payment institutions can better support their merchant partners by monitoring customer activity as it happens and identifying and investigating any suspicious activity before financial losses are incurred.

Customer behavior

Similarly, this real-time data can shape marketers’ overall business strategies. The ability to provide retailers with unparalleled real-time insight into consumer behavior and sales trends allows marketers to make short-term changes to capitalize on day-to-day spending trends while shaping long-term sales strategies.

This detailed information is also key to forecasting. As the partnership between payment institutions and merchants grows, so does the volume of accumulated historical data. This allows payment organizations to support and guide their merchants during predicted peaks and troughs in demand to ensure retailers are ready to take advantage of market opportunities.

Easy to understand interface

The amount of data collected by payment providers and merchants is a blessing, but it can also be a curse if it is not usable or presented in an easily digestible way. Having a real-time dashboard with a simple interface means merchants can quickly view payment volumes, transaction activity, account information and more with just a few clicks. Without this ability, a business will struggle to be truly agile when responding to market conditions.

Specialized service

In today’s world, leveraging data is the key to any successful business. Payment institutions that enable their merchant customers to collect and use this data most effectively will be responsible for the next iteration of exciting new innovations in the payments space.

Leave a Comment