The positive here is that banks have all the data they need. They have the visibility into their customer’s transaction patterns, whom they pay, how much, and at what frequency. Now bank leadership needs to focus on how can they compile this data using available technologies in the market to make decisions about what solutions they should be offering.
The opportunity is there to generate additional revenue while satisfying the needs of existing and future customers.
How are you using your bank customer’s data to make decisions?
BC Krishna is the founder and CEO of MineralTree, Inc. MineralTree, a First Data partner, provides invoice and payment automation solutions for US businesses. Over the course of his career, BC has been a software engineer and an entrepreneur having started three venture-backed software companies. His companies include FutureTense, one of the first to create software for Web Content Management; Memento, which delivered the first product to enable financial institutions to systematically monitor employee fraud, and most recently, MineralTree. MineralTree’s solution automates invoice payments for US businesses, which waste $30B to $150B annually on antiquated, manual, paper-based, risky, poorly controlled processes.
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Disclaimer: The views and opinions expressed in this article are those of the guest blogger, MineralTree CEO BC Krishna, and do not necessarily reflect the official policy or position of First Data®.