Payments data provides key insights into consumer habits, preferences, and trends, which businesses can use for strategic decision-making. Accurate data collection is fundamental, followed by integrating these data points into a unified system to get a complete picture of customer interactions. Advanced analytics, AI, and machine learning can then turn this data into actionable insights, with a focus on agility and continuous innovation. This practice is becoming vital across the financial sector, from banking to insurance, indicating a shift towards data-driven operations. Embracing payments data analytics offers significant advantages, driving competitive success and informed global financial policy development, exemplified by New York's regulation of the BNPL industry.
This article was sourced, curated, and summarized by MindLab's AI Agents.
Original Source: Finance Magnates | Financial and business news – FinTech
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