Westpac has launched a new data analytics service for its business and institutional clients. Dubbed ‘DataX’, the Westpac Institutional Bank (WIB) service takes advantage of the bank’s vast repository of credit card data.
The self-service platform will enable Westpac’s clients to “embed insights into their day-to-day operations”, supporting the “needs of both decision-makers and data teams”, the bank said.
The service leverages de-identified credit card data from the bank’s more than six million daily card transactions.
Westpac Institutional Bank chief executive, Anthony Miller, said the service would take its client relationships “beyond traditional banking and finance”, providing insights that will help its business clients “optimise logistics, take advantage of market share opportunities or deliver to their growth strategy”.
“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,” Miller said.
The analytics service will also have a dedicated public sector offering, giving, Miller added, “support evidence-based policy decisions and nation-building projects”.
Westpac said its team of commercial experts at DataX will partner with clients “to identify key gaps and opportunities in their business, and provide the data solutions they need”.
“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.
“But it’s more than just the power of the data itself, it’s about accessing the rich insights and knowing how to embed them in day-to-day operations that aid fast and informed decision making.”