Drive card usage, revenue, and satisfaction – through superior segmentation and analytics
Problem: Card-based payments continue their meteoric rise in popularity. Debit cards have emerged as the payment method of choice for businesses and consumers alike, and are now one of the top fee-generating products for financial institutions – second only to overdraft/NSF charges.
With increased competition for cardholders and growing pressure from merchants, card issuers and those that support them need powerful, meaningful tools to manage debit as a true product – not just an adjunct to checking accounts – to increase share of wallet and cardholder retention.
Solution: Saylent’s Card360 is a payment intelligence solution focused on increasing card usage and revenue. The software connects data from core solutions, marketing databases and transaction processing systems to glean valuable information on cardholder usage and portfolio trends.
Powerful analytics empower business-line managers with the insights and tools to:
- Build customer intimacy and loyalty
- Realize true segmentation strategies to identify underperforming segments
- Develop targeted marketing campaigns
- Rotate short-term, high-impact incentive programs
- Profile behavior patterns
- Cross-sell and up-sell relevant products
- Analyze custom profitability metrics by card
- Manage rewards programs in-house
- Increase cardholder retention
For banks, credit unions and other card issuers, Card360 provides the missing link between core solutions, marketing databases and multiple transaction processing systems, giving you valuable insights on cardholder usage and portfolio trends – helping you understand the person behind the card number.
The solution enables sophisticated segmentation strategies based on cardholder demographics (age, sex, etc.), account data (branch, account type, etc.), and usage patterns (high PIN usage vs. signature, Wal-Mart vs. Target, etc.). Analytics at this level requires a dynamic combination of multiple data streams. Card360 unravels these complex data elements, promoting actionable corporate initiatives.
Looking to boost activations and shorten time to first use? Using Card360 to track and monitor activation campaigns can deliver an immediate bump in usage and revenue by minimizing lost time between issue and use. Want to know who your most profitable cardholders are? Card360 can help you identify leading (and trailing) segments. Interested in a focused incentive or promotion to retain cardholders? The solution manages marketing campaigns from list generation to incentive qualification.
This level of segmentation opens unique opportunities to develop targeted marketing and rewards initiatives that influence usage and increase revenue. These can be short-term programs with manageable incentives that have an immediate impact on usage without the long-term commitment of a bona-fide rewards or loyalty program.
Results: Faster activations and an increase in usage and revenue. Our customer experiences show an increase of 15-25% in usage and revenue for targeted marketing efforts. The solution has also enabled financial institutions to promote debit at trailing branches, increasing the percentage of households with cards.
Card360 includes three modules:
Enhanced Reporting – Connects the demographic and account data in core solutions with transaction data from front-line processing solutions, in order to provide dynamic, on-demand analysis and reporting across a variety of levels within the card program: BIN vs. BIN, branch vs. branch, or among uniquely defined card groups. Sophisticated segmentation strategies allow card programs to be analyzed by cardholder age, region, card type, merchant, or usage pattern. Reporting, card data and cluster segments can be easily exported for use in marketing delivery channels. You can get a more complete picture of the person behind the card number. The module also includes the ability to manage incentives (e.g., $5 for the first 5 transactions) on any frequency and length desired.
Business Analytics – Calculates custom profitability analytics using transaction and account data. The profitability engine includes interchange – the primary source of card revenue – as well as processing costs, surcharge rebating, foreign fees, PIN charges, issue costs, card personalization, and more. Financial metrics are maintained by card, enabling detailed analysis on custom groupings and allowing branch and regional financial reporting. Users can analyze top card revenue contributors, underperforming programs and maturing segments. The module also tracks targeted marketing campaigns to various segments of the card base. Now you can create, execute and measure campaigns based on usage patterns and demographic consistencies.
Rewards Management – Creates the infrastructure to offer, track, and manage debit rewards programs in-house. Rewards programs and promotions can be managed by card, household, and business, each with a custom compensation structure. Cash-based rewards programs interface with core solutions to make the necessary adjustments. This enables every financial institution to offer a rewards program tomorrow. Points or gift-based rewards programs can be integrated with a third-party redemption provider or managed internally – letting you control rewards compensation and program management, while keeping personal data secure.
Services: Don’t have time to dive into your data? Speed time to value with our expert consulting services. We help you make the most of your Saylent payment intelligence solutions. Saylent brings together a unique depth of experience and breadth of relationships in the financial services industry. We help you capture, analyze and understand customers’ payment activity and rapidly turn your data into actionable insight. Maximizing Saylent’s solutions, we can uncover opportunities that can positively impact customer transaction behaviors, drive retention and loyalty, and increase usage and revenue through appropriate, targeted promotional offerings.
For more information or to see a demo, contact Saylent Technologies at sales@saylent.com.