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The secret to optimized commercial payment data

Aktualisiert: 16. Nov. 2023

The secret to optimized commercial payment data

Want to know a secret?

Whether you’re operating a commercial lender, corporate bank, or something in between, there’s gold around you, hiding in plain sight. Where?

In your payment data.

90% of banks’ valuable customer insights come from payments, so you can imagine the scale of the opportunity at your fingerprints. But it isn't a simple case of collecting payment insights you’ve got to extract the golden data nuggets.

As Accenture put it in their 2021 Commercial Banking report, “Much of the rich, real-time transactional data to which banks have access lies fallow.”

It’s a sobering thought. Thankfully, with the know-how, your payment insights don’t need to end up in a digital graveyard.

To help you leverage the rich payment data flowing through your organization, in this article, let's explore why not using payment insights stunts your financial institution’s growth. Here's a simple yet effective way to pull and utilize commercial payment data for bigger wins.

Underutilized payment data shrinks potential. Here’s why

Picture this. You’ve done the hard work to move commercial clients through sales pipelines, and it’s paid off. Clients are using your products and making good on their invoices. On the other end, you’re collecting data on their transactions to figure out your next business move. This scenario should be the start of something great, except there’s one issue. You don’t know what data is critical for generating future returns.

If this scenario sounds familiar, you’re not alone. Many financial institutions struggle to decipher the gold from the rocks in their payment data. And, without the right tools, it's very challenging to translate payment data into opportunities and, ultimately, revenue. This is especially true when with small to medium-sized business clients.

When you combine inadequate tools with the thin credit files and developing reputations typically associated with SMEs, it’s tricky to analyze, gauge risk, and predict the profitability of collaborations. It's why many corporate institutions prefer to work with large commercial enterprises. While the preference is understandable, the result is missed opportunities, inefficiencies, and higher risk exposure.

For example, the World Bank discovered micro businesses and SMEs have unfulfilled financing needs of around $5.2 trillion each year, and according to PYMNTS, the lending options for SMEs will only continue to tighten. That’s a lot of chances to scale and collect payment insights down the drain.

The new and improved way to leverage commercial payment data

While leaving payment data dormant creates losses, thankfully, the reverse is true when you put the right payment data to use. From slimmed-down costs to better cash utilization, there’s a lot to gain. So how do you access these insights?

The trick is to upgrade the financial technology you use to synthesize and manage payment data. Digitization is key here to streamline processes, improve visibility, and facilitate data-driven decisions. In particular, the solution should have:

  • Loan book trend credit assessment insights tools

  • The ability to analyze thin credit files and edge cases quickly

  • Direct and indirect spend analysis features

  • Interest margin analysis tools

From here, the solution should allow you to extract specific data points like:

  • Payment behavior and transaction size

  • The amount spent

  • Payment method

  • Daily Sales Outstanding (DSO)

Sprinque’s solution to lackluster B2B payment data

Does your financial technology need an overhaul? That’s where Sprinque comes in. Not only do we give you the opportunity to access our loan book, but we also provide insights on companies that forward-thinking financial institutions know how to analyze and monetize.

Also, we can onboard a wide range of borrowers and obtain data on edge cases more fast and at a larger scale than other financial institutions can on their own. For example, some of our top features include:

  • Real-time monitoring and analytics to proactively identify and address any potential issues promptly.

  • Scalability and high availability to handle varying transaction volumes.

  • A highly experienced technology leadership team with the necessary engineering skills to build a system that can be integrated and deployed rapidly.

Future proof your B2B payment data management

Payment data is a goldmine waiting for you to dig, but inadequate tools will cause you to miss the jackpot. So it's critical to choose wisely. Specifically, select a solution that embeds payment translation data into the fabric of your lending and payment processes and makes the process quick and simple.

At Sprinque, we understand what financial institution and their partners are looking for and have built a robust solution to support it. So if you’re ready to level up your commercial payments and data management, book a demo today.

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