Commonwealth Bank of Australia (OTC:CMWAY) (CBA) is set to unveil new data services aimed at delivering valuable insights into consumer spending patterns for local governments and corporate customers. The bank's latest venture, CommBank iQ, leverages a vast pool of transaction data from approximately seven million customers to inform strategic decision-making.
The initiative includes two key products: Council iQ and Destination iQ. Council iQ is designed to help local governments gain a clearer understanding of spending behaviors within their jurisdictions. This tool will provide local councils with the information necessary to make informed strategic choices.
Meanwhile, Destination iQ offers corporate clients detailed profiles of visitors and the economic impact of events at varying times of the day. This service is particularly tailored to sectors like tourism, where understanding visitor spending habits can be crucial for successful event planning and management.
As retail banking becomes increasingly competitive, CBA has identified growth opportunities in specific lending areas. A UBS analysis highlighted the potential in agribusiness and small business lending, suggesting the business bank could be valued at around AU$69 billion (USD1 = AUD1.5440).
KPMG Australia pointed out the growing importance of banks providing data services and advisory capabilities. They noted that such offerings not only deepen customer relationships but are also becoming essential as banks that do not adapt may quickly lose ground.
In addition to these new tools, CommBank iQ is also set to offer predictive data and artificial intelligence solutions for various sectors, including property and retail. These advancements aim to equip businesses, investors, and policymakers with actionable insights, thereby supporting more effective planning and policy development.
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