ERN unveils Looop, a big data technology platform for banks and merchants
Unveiled at the FinovateEurope 2013 conference in London, Looop is the brand name for the innovative new platform that promises to close the transactional ‘loop’ that is currently broken every time a customer leaves a store with a paper receipt. Looop brings together card payment and merchant data in real time to enable banks and merchants to see the granular detail of every purchase, allowing them to build detailed profiles of individual customers in order to target them more effectively.
Looop is PCI and ISO 27001 compliant and capable of processing 100,000 transactions per second, performing real-time data analysis that gives banks and merchants invaluable insights into customer purchasing behaviour. It is designed to run alongside existing IT infrastructure with minimal deployment costs.
For banks, in depth-analysis of transactional data will help them understand how people – both individuals and groups – use their credit cards to purchase goods, enabling them to encourage and reward customers for using their card.
For merchants, understanding customer behaviour enables them to build effective loyalty and reward schemes that don’t rely on a ‘one size fits all’ approach, but offers individual customers discounts on things they really want to buy.
ERN’s CEO Dan Brassington said: “While banks and merchants generate reams of data every hour, the value of this data isn’t realised because legacy IT systems make it impossible to evaluate and analyse in any meaningful way.” “Transactional data holds the key to long-term customer loyalty. If banks can get to grips with this big data it can be used to create additional value-added services for customers, promoting their credit card to the top of the consumer’s wallet. Merchants, in turn, can use the data to build profiles of individual customers, helping them create compelling, highly targeted loyalty schemes and discount offers to promote long-term custom.
“Consumers will also be getting the best possible value from their transactional data, in the form of highly personalised offers delivered to them in a timely fashion through their smartphones. As well as acting as a container for these mobile mCoupons, Looop helps consumers keep an eye on their spending in real time, letting them budget effectively.
“Looop is all about everyone involved in the transactional ecosystem getting the maximum value from every purchase made and we’re very excited to be working towards proof of concept trials of the system in the very near future.”