First Data is a global technology leader in the financial services industry. Their Insightics solution uses merchants’ payments data to help business owners monitor key metrics, benchmark themselves against similar merchants, and better understand their customers. First Data needed more granular business categorization and geographic segmentation so that merchants could benchmark their performance against aggregate anonymous performance metrics of similar businesses in their area.
In order to provide the deep local market analytics Insightics requires, First Data needed access to high quality location data. First Data researched five well known vendors and selected Factual. The U.S. Places from Factual’s Global Places data, along with its Extended Attributes for Restaurants, Hotels, and Healthcare Providers, enrich First Data’s merchant data with the categorization and geographic information they need to provide the most relevant insights to local merchants. With over 460 categories, Factual data provides much more granular categorization than the MCC system. Furthermore, restaurants, hotels, and healthcare providers can be further segmented on category specific information; for example, restaurants can compared based on cuisine types, ratings, and price ranges.
Factual’s data equips Insightics with the rich, accurate data that it needs to provide local merchants with the most relevant insights into their performance and how it compares to their competitors’. With Factual data, Insightics enables the owner of an Italian restaurant to analyze his performance against 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.
Factual far exceeded other companies on data quality and its capabilities to maintain and keep the data up to date. 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.
SANDEEP GARG VP Product, Information and Analytics at First Data