Payments Blog • 4 MIN READ

Real-time payments visibility and intelligent analytics

Christina Rice

Written by Christina Rice

As the payments landscape continues to evolve, and new technology creates an abundance of information seemingly every day, businesses are realizing how vitally important it is to have access to clear analytics.

Data storytelling creates the pathway to leverage real-time monitoring and troubleshooting, and provides insights and intelligence that can have a huge impact on an entire payments ecosystem.

IT teams not only have the job of fixing problems when they occur, but the success of an organization’s payments platform depend on concise predictive analyses, based on historical and real-time behavior. If you can clearly see your entire payments environment from a single pane of glass, you can predict and detect abnormalities as they happen and respond proactively.

Outside of monitoring, troubleshooting and fixing problems, analytics can help IT teams identify priorities of higher value to managers and executives which can have an instant and enormous business impact.

Proper analytics help organizations make profitable business decisions, improve customer engagement, reduce operational costs as well as predict and mitigate the inevitable peaks and valleys of payment processing. It helps quickly identify and isolate issues affecting transaction availability, increases security and enhances the end customer experience. Through specific dashboards, analytics provide multi-tiered, succinct visibility to business executives, IT leaders and security operations teams, and enables the centralized collection of trusted, real-time data intelligence.

Payment analytics for payments operation managers

Payments operations managers handle the volume of activity and the speed at which payments are processed. Viewing analytics through this dashboard indicates whether or not the process is running without interruption - and shows exactly where any problems are. It also allows managers to focus on areas where human interaction may be required, like repairs or authorizations, or other areas which can frequently contribute to processing delays.

Payment analytics for program managers and major account management executives

Typically, the job of a vice president, or senior account executive, is to avoid penalties, missed deadlines and to improve the satisfaction of customers. Through specific dashboards, executives can see how the payment process is performing by monitoring:

  • Multi-channel activity
  • Product activity
  • Profitability and expense analytics

Payment analytics for IT operations and application support teams

These analytics can help IT organizations to better understand how the information system may impact the payment process. They show the data passed between application components and the physical components that supports that data. For example, these analytics indicate whether data is flowing without interruption between applications. In the event of a problem, the support manager can drill down to the root cause and fix it.

The benefits of bringing full visibility to your payments environment

  • A clear understanding of how customers are engaging, across omni-channel environments.
  • Analyzing the business value of each individual customer interaction.
  • Proactively identifying and remediating the threat of systemic issues, failed transactions and fraud attacks before they impact customers.
  • Effectively managing the performance of the end-to-end transaction chain.
“Payments providers that adopt advanced analytics to develop broad integrated approaches are seeing significant improvement: customer satisfaction scores rose 5 to 10 percent and operating costs declined 15 to 20 percent." McKinsey & Company Financial Services

 

Transaction monitoring helps reveal the patterns, that indicate abnormalities. By knowing your payments environment, you can link intelligent analytics with real-time transaction flow. The end result positively impacts operational efficiency, customer experience and ultimately, a business’s bottom line.

Topics: Multi-Technology Payments Customer experience Performance management Reporting and SLAs Payment processing

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