The Transaction or the Info About the Transaction?
Earlier this month, Charles Caldwell, Logi’s own director of solutions engineering, and Boris Evelson, VP, principal analyst, Forrester Research presented a webinar, “Driving Business Insights & ROI with an Agile BI Strategy.” In this live webinar, Boris stated, “The only thing that has changed in business intelligence is technology, but the challenges have not.” Boris later stated that the reason he personally got into this business is because of this quote from Walter Wriston, CEO 1967 to 1984, Citibank/Citicorp: “Information derived from a financial transaction will be more valuable than the execution of the transaction itself; information about money will become almost as important as money itself.”
The Jump Card is part of Synchology’s Branded Payments Platform, a “white label ready” banking platform that puts brands in the center of their consumer’s financial lives. Similar to existing affinity co-brand credit card reward programs, the platform enables brands to offer their customers an opportunity to “bank with their favorite brand” and earn relevant rewards for doing so without creating debt.
“One important aspect of our business is watching how our consumer customers spend the money on their cards, for example ‘Spend Trend’ shows dollar value per transaction, total dollars spent, and total quantity of transactions per category,” explained Lisa Doppenberg, Director of Product, Synchology.
“Our partner’s loyalty and reward programs are typically focused on what happens inside their own stores or businesses. But we’re providing a product that allows them to look more broadly at consumer behavior, at a trend level, when they’re not interacting directly. This is very valuable information and being able to drill-down and filter by demographic helps clients craft more engaging campaigns and relevant offers.
“We’re in a crowded market and the ability to provide this data back to clients is a very important and unique competitive advantage for us. These dashboards and reports are a major selling point. We can approach brands and offer them insights on consumer activity that is very hard to come by otherwise,” stated Doug Bobenhouse, President, Synchology.
The Jump Card is like a supercharged checking account that provides cardholders comprehensive money management and budgeting tools along with generous reward earning options. However, the information derived from cardholders’ various transactions, when visualized with Logi Analytics technology, also provides value to Synchology partners. Working independently, Lisa Doppenberg was able to quickly create interactive dashboards with drop-downs and real-time data analysis for Synchology’s clients, resulting in a unique competitive advantage.
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