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For Retailers, Data Simplicity Is All About the SKU
- Simplicity is the new KPI in payments and particularly important in the retail industry where businesses use data to redefine consumers' expectations.
- Banyan’s platform eliminates the complexity of transaction data for businesses and provides granular insights into consumer behaviour.
- The friction points for retailers remain data normalisation and governance, which are vital to unlocking data insights.
- These challenges arise when the same item is listed differently across various locations, and when merchants aim to harness data in engagement without sacrificing control.
- Dual data management is necessary for simplicity. All players must seamlessly access insights, and security and privacy standards must also be adhered to.
- Banyan's embedded loyalty program capability, where users can earn double rewards points for Walgreens-branded purchases for instance, enhances the customer experience.
- The company also helps eliminate the hassle of manually categorising purchases for health spending accounts (HSAs) and flexible spending accounts (FSAs) through its platform.
- Banyan’s platform enables businesses to unlock new revenue streams and drive growth by transforming complex data into an accessible, actionable asset.
- According to Banyan Chief Product Officer Vish Shastry, "By focusing on actionable insights, companies are able to see beyond merchant-level transactional data."
- Simplicity, safety, and control over data insights are necessary for businesses seeking to move beyond traditional constraints while maintaining security.
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