The Commonwealth Bank launched a free business analytics iPad app for SMB owners this week in a bid to compete for mid-sized businesses.
SMB owners could view up to five bank accounts with Daily IQ and compare average transaction value and popular transaction spots over defined periods.
An SMB could better target its customers through social media based on geographic and demographic trends revealed in the iPad app.
“It’s a great way to take the bank from being a funder and a transaction partner to being a business partner,” said Gary Roach, CBA’s acting executive general manager of corporate banking solutions.
Every transaction was broken down into cash flow, merchant insights and customer insights such as gender, age and postcode but the information was amassed to protect privacy.
CommBiz developed the app mainly for businesses with an annual turnover of $5 million to$100 million. Advanced analytics gave businesses valuable insights to better managed sales and inventory, including information on where savings and growth could be achieved, said Michael Harte, the CBA’s CIO.