Skip links
Log in
Contact us
Log in
Contact us
How to leverage data to gain deeper customer insights

How to leverage data to gain deeper customer insights

Author
Published on:
Published in: Blog

In today’s data-driven world, payments data provides businesses with valuable insights into customer behaviour and preferences. Payments are no longer the plumbing of the system but a real driver for revenue as businesses start to understand consumer needs and wants better. 

By leveraging payment performance reporting, payment insights, and payment journey analysis, SMEs can gain a deeper understanding of their customers and transform their customer journey, leading to increased ROI and real-time engagement. 

As we explore in this article, businesses can use payment data to boost their bottom line while gaining deeper insights into their customers. Here are the top advantages of leveraging payments data:

1. Drive customer engagement

The impact of the current macro environment on consumer shopping habits cannot be ignored. With the pandemic driving a shift towards eCommerce and contactless payments, businesses must adapt to meet the changing needs of their customers. By leveraging payment insights, businesses can gain a better understanding of their customer preferences, including their preferred payment methods, purchase history, and shopping habits. This information can be used to develop targeted marketing campaigns, improve customer experience, and drive sales.

optimised approval rates and customer experience in forex trading
customer trends in payments

2. Predict customer trends

One way to gain deeper insights into customers is through the use of AI. AI-powered analytics tools can analyse vast amounts of payment data to identify trends, predict future behaviour, and provide recommendations for improvement. For example, businesses can use AI to identify customers who are at risk of churn, understand their preferences, and develop targeted retention strategies. AI-powered insights can also be used to personalise marketing campaigns and offers, leading to increased engagement and loyalty.

3. Personalise the customer experience

Hyper-personalisation is another strategy that businesses can use to boost real-time engagement by leveraging transactional insights. By using payment data to develop personalised offers and recommendations, businesses can improve customer experience and drive sales. For example, a retailer could use payment data to offer personalised product recommendations based on a customer’s purchase history or location. Hyper-personalisation can also be used to improve customer retention by developing loyalty programmes that reward customers based on their transactional history.

good customer experience

4. Identify areas for improvement

Payment practices and performance reporting is another important aspect of leveraging payment data to gain deeper customer insights. By monitoring payment performance metrics such as acceptance rates, authorisation rates, and chargebacks, businesses can identify areas for improvement and develop strategies to optimise their payment processes. Payment reporting can also provide valuable insights into customer behaviour, such as their preferred payment methods and the frequency and value of their transactions.

5.Use technology to their advantage

Payment systems insight is another area where businesses can leverage payment data to gain deeper customer insights. By understanding the technology and systems used by their customers, businesses can improve customer experience and drive engagement. For example, by offering customers the ability to save their payment details for future transactions, businesses can streamline the payment process and reduce friction, leading to increased customer satisfaction and loyalty.
invest in payments technology point of sale

Payment insights you can TRUST

In conclusion, payments data provides businesses with valuable insights into customer behaviour and preferences. By leveraging payment performance reporting, payment insights, and payment journey analysis, businesses can gain a deeper understanding of their customers and transform their customer journey, leading to increased ROI and real-time engagement.

By using the power of AI and hyper-personalisation, businesses can improve customer experience, drive sales, and increase customer loyalty.

Embracing payments data as a valuable tool for customer insights helps businesses stay ahead of the competition and drive success in today’s data-driven world.

With our TRU Insights tool, we help our customers understand how their business performs from a payment perspective. An overview dashboard highlights key areas and trends in multiple key payment indicators, giving you a clear understanding of your business’s health at a glance.

Take your business to the next level with payments insights. Let us show you how!

More posts like this

Security statement

Security is our top priority at Trust Payments and we strive to ensure that all data is kept secure at all times We keep all customer data safe with AES256 encryption, SSL Certificates, and a minimum of TLS1.2, between your website and our datacentres.

Our systems are scanned quarterly using the Qualys PCI Platform, an independent Qualified Security Assessor (QSA) and approved vendors – Omnicybersecurity (UK) & Forgenix (US) – to ensure compliance with the security requirements of the card schemes.

We follow a number of rigorous security procedures on a daily basis including, but not limited to, continuous monitoring of our perimeter, dark web monitoring, and internal checks to ensure that CIA triad is maintained at all times.