Commonwealth Bank’s Daily IQ 3.0 offers businesses two new online tools to compare consumer spending across time periods and quantify the effects of interest rates.
Businesses across Australia now have access to new, online data-driven tools that provide practical insights to enhance their performance and productivity.
Commonwealth Bank today launched Daily IQ 3.0 to small and medium enterprises (SMEs) and institutional businesses providing 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.
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,” he said.
There are two new features built into the latest version as well as enhancements to provide clients with more insights.
They include:
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.
The Daily IQ platform has already helped hundreds of businesses across the country, including producer and retailer of baked confectionary goods, Christopher’s Cake Shop. This 60 year-old, family-run business has the majority of their stores located in Sydney’s south. Using data-driven insights in Daily IQ, they discovered a large number of customers came from Sydney’s western suburbs. With plans to grow the business, Christopher’s Cakes plans to open two new stores in Sydney’s western suburbs by the end of the year.
Kyriakos Panayi, CEO of Christopher’s Cake Shop, said: “We built the business from the ground up. In the past, we’ve made our business decisions on gut-feel and it’s worked during that time, but with the pace of technological and economic change, it’s important that we have access to data and insights to make informed decisions and remain competitive.
“Tools like Daily IQ mean we can now work on the business rather than in it – and with the information we have at our fingertips we can sit back and say, ‘based on numbers, this is our strategic roadmap going forward’,” he said.
Another example is the Mildura Gateway Tavern in Victoria. After analysing the data on their customer base, Mildura Gateway Tavern learnt that most of its customer base were older than 30. They added a children’s playground to become a more kid-friendly venue and it drove an increase in the number of meals served at the bistro, doubling the number during the week and tripling it on the weekends.
Gordon McIlwaine, CEO of Mildura Gateway Tavern, said: “Prior to Daily IQ, our understanding of who our customers were was limited and difficult to obtain through cumbersome point of sale reports. While we had a large data base, it included mainly local customers, was high level (name, phone number only), and included a large proportion of ‘inactive’ customers. With Daily IQ, we now see where our customers are coming from, their age, and spending habits. We’re using this information to better target our marketing spend to attract more customers from those areas. Already, we’ve seen a 33 per cent increase in millennial customers as a result.”
In the past year, Daily IQ has processed 5.8 billion records, and generated 1.6 million unique insights. These insights helped many businesses stay one step ahead of their competitors.
