The core problem, however, is creating a consolidated view of all this company data and deriving actionable insights in as close to real-time as possible. In response, financial institutions and companies such as Visa are helping businesses make sense of their data to become more competitive and successful.
“Through Visa’s role as a network business, we have a responsibility to partner with those in the industry who are delivering value to end users,” explains Anthony Jones, Head of Business Solutions for Australia and New Zealand at Visa. “Part of how we do that is through connecting banks and fintech partners, as both sides have something to offer the other: banks bring scale and recognisable brands, while fintechs don’t have to take into account legacy infrastructure and can therefore move at speed. We’re focused on creating the right industry standards to enable payment in any device, in any channel.”
One example of this close collaboration with Visa is New Zealand’s ASB Bank, which has created Plus, a free mobile app that helps business customers consolidate and visualise their business performance from a wide range of sources. These include Xero's online accounting platform, Google Analytics, Vend point of sale and Shopify e-commerce, allowing companies to access all of this data in a single app on their mobile devices, anywhere and at any time.
“We understood that business owners wanted data, but it was really important for us make sure that they used it,” explains David Bell, General Manager of ASB Business Ventures. “A lot of business owners get data, but they don’t use it. They go, ‘That’s interesting, but I don’t know what to do with it’.”