Westpac has launched a new data service, DataX, that uses credit card information to deliver faster analytics for business clients.
The offering leverages over six million card transactions to enable self-serve analytics for clients so they can embed insights into their day-to-day operations.
Data generated by the new service will support both decision makers and data teams.
Westpac institutional bank chief executive Anthony Miller said DataX modernises the bank’s current advice model and creates greater opportunities for clients.
“Westpac DataX takes our client relationships beyond traditional banking and finance to provide tangible insights for clients to optimise logistics, take advantage of market share opportunities or deliver to their growth strateg,” he said.
“For our business and institutional clients, our data insights can help them to deeply understand their market conditions, identify and quantify new growth opportunities, and deliver bespoke products and services to their customers.
“We’re also proud to have a dedicated public sector offering to support evidence-based policy decisions and nation building projects.”
Westpac clients will be able to use the DataX team to identify potential business opportunities, plus provide data-based solutions.
“We know data analytics can enable greater agility and help our clients navigate changing market conditions, including unexpected major events and the evolving needs and behaviours of their customers,” Miller said.
He said the service is “more than just the power of the data itself” but also about enabling better insights for informed decision making that can be embedded into day-to-day operations.
Westpac’s DataX sits alongside similar offerings from the other major banks including the Commonwealth Bank’s CommBank iQ in partnership with Quantium.
Likewise, ANZ’s innovation and investment arm 1835i backed new start-up DataCo Technologies to help businesses test and better understand data insights.
