Westpac has introduced DataX, a new data service that uses credit card information to provide business clients with speedier analytics.
The service uses over six million card transactions to provide clients with self-serve analytics so they may incorporate insights into their day-to-day operations.
Both decision makers and data teams will benefit from the data supplied by the new service.
DataX, according to Westpac institutional bank CEO Anthony Miller, modernises the bank’s current advisory approach and expands client potential.
“Westpac DataX goes beyond traditional banking and finance to provide actionable insights for clients to optimise logistics, capture market share opportunities, and deliver on their growth strategy,” he said.
“Our data insights can assist our commercial and institutional clients in better understanding their market situations, identifying and quantifying new growth prospects, and providing tailored products and services to their customers.”
“We’re also happy to have a specialised public sector offering to assist evidence-based policy and nation-building initiatives.”
Clients of Westpac will be able to enlist the help of the DataX team to uncover possible business opportunities and provide data-driven solutions.
“We know that data analytics can assist our clients navigate shifting market conditions, such as unanticipated major events and their consumers’ growing requirements and behaviours,” Miller added.
He explained that the service is about “allowing greater insights for informed decision making that can be embedded into day-to-day operations,” as well as “more than just the power of the data itself.”
The Commonwealth Bank’s CommBank iQ in cooperation with Quantium sits alongside similar services from other large banks, including Westpac’s DataX.
ANZ’s innovation and investing arm 1835i also supported DataCo Technologies, a new start-up that helps organisations test and better comprehend data insights.
