First Data has chosen to partner with Factual to enhance its Insightics solution for small and medium sized businesses. Insightics is an innovative cloud-based software that unlocks the power of big data behind payment transactions to give SMB merchants the ability to monitor key business metrics and better understand their customers. First Data already evaluates a vast amount of data, but needed more in depth data for additional attributes and intelligence. This collaboration goes beyond transactional processing and produces advanced business and consumer insights that help merchants to grow their businesses.
It’s a big deal for small businesses to get actionable insights about their business. How many new versus repeat customers they have been getting the past few weeks, is an important thing to know. SMBs may also want to know which part of the local neighborhood customers come from and how far are customers willing to travel to come to their store. If the SMB is having a good or bad month, is it just that SMB or all similar businesses in the area? Delivering such capabilities requires all the horsepower of state of the art big data analytics presented in an extremely easy to understand manner to the merchant. That’s what First Data Insightics does.
These powerful insights combine the tremendous amount of payments data flowing through First Data’s systems with the learnings coming from Factual’s U.S. Places data. In order for First Data to provide the most relevant and beneficial insight to a merchant, they need to know a lot about the merchant – that’s where Factual starts to play a part. Factual provides data that includes the exact location of each merchant, other similar merchants around, other dissimilar merchants, name of neighborhood where the merchant is located, hours of operation, price range, etc. US Places, which covers over 17 million local businesses and points of interest, enables First Data to have a comprehensive view of all of the businesses in any geographic area. The rich categorization scheme allows for highly refined benchmarking, making sure that, for example, a beauty salon is benchmarking themselves against strictly other beauty salons and not also against manicure/pedicure nail shops.
First Data will also be using our Restaurants, Hotels, and Healthcare Providers Extended Attributes data sets. These contain extensive, category specific attributes that enable for even more refined segmentation and analysis. With our restaurants data, for example, a First Data merchant, say a 4 star Italian Restaurant, can analyze his performance against other 4 star Italian restaurants, other 4 star restaurants, or all other Italian restaurants, to get a much richer picture on how he is doing and how much of his performance is related to his own business versus the overall business environment.
Here’s what we heard from First Data:
“After extensive research to find a data partner, we found that Factual far exceeded other companies on data quality and its capabilities to maintain and keep the data up to date,” stated Sandeep Garg, VP Product, Information and Analytics at First Data. “Additionally, Factual goes beyond legacy data companies with its technology and the innovative services that it builds on top of the data, enabling us to provide the valuable insights needed for our clients to grow their businesses.”
Thousands of developers (small business owners) in the mobile space use Factual data to drive their businesses. Processing more than 59 billion transactions globally for more than six million merchant locations in 2013, First Data has long been a data powerhouse. We’re looking forward to working with First Data to bring the power of big data to small businesses!