Barclays has decided to launch an online big data insight service for all of its SME (Small & Medium Size Enterprises) clients. Barclays’ SmartBusiness will help the businesses analyze their transactions and compare them against the other rival brands in the local area. As a result of this visionary project, small businesses will be able to leverage the benefits of market research and improve their performance at a relatively low cost.
Barclays will deploy this service to over 500,000 business customers starting from May 2016 through its online banking platform. Apart from the average spending by a customer, this solution will also show key trends related to cash inflow, cash outflow, debit card transactions, cash transactions and cheque transactions on a day-to-day basis.
Reports claim that 56% SMEs hardly check their business data on regular basis, whereas 3% have no idea whatsoever about their business data. In addition to this, 44% SMEs in the UK claim to check their business data weekly, 33% claim they are too occupy to check the data, 22% think they don’t have enough time and 15% have never thought to use any analytics service to analyze their business data.
The SmartBusiness tool will help such businesses bring more efficiency to their work by taking control over business data. Further details about Barclays’ SmartBusiness tool are available here.