Big data to boost retail finance sector
Retail financial technology provider Deko – which helps customers easily and effectively spread the cost of purchases – has introduced a big data analytics platform in order to grow its clients’ businesses through intelligent customer insights.
The platform, which is being provided by leading data company Looker, will enable merchants to sustainably grow their finance proposition through business intelligence.
Account managers will use custom data such as sector insights, consumer profiles and performance indicators to inform meaningful and strategic conversations with their clients and, ultimately, maximise sales.
Deko’s unique technology and multi-lender platform allows merchants to improve sales conversion and average order values by enabling a greater number of customers to access finance.
Applications can be made in-store, online, on mobile or over the phone.
“In an increasingly connected and competitive business arena, smart analytics will enable our account management team to deliver time-critical, actionable insights that really matter to our merchants," said Alessandro Dalla Volta, data scientist at Deko.
“Having access to this data at the click of a button will allow us to focus on identifying and addressing opportunities for growth.
“We look forward to working closely with our retail partners, with the goal of outthinking and outsmarting their competition.”
One unique metric defined by Deko is the Retail Finance Penetration Index (RFPI), which enables merchants to understand how well they perform in specific geographical areas and, where necessary, redefine their finance proposition and optimise their marketing budget accordingly.
John O’Keeffe, VP of EMEA at Looker, said: “We’re thrilled to have expanded our FinTech portfolio by working with Deko to provide fresh, reliable data that will help its clients grow.
“While Deko creates the next generation of retail finance products, we’re pushing boundaries with analytics, so it’s exciting to see the two combine.
“We look forward to seeing Deko gain real value from their data, while its clients become more targeted, efficient and profitable.”