Chase for Business expanded the availability of a business intelligence platform to all Chase business checking accounts at no additional cost.
The Customer Insights platform was previously available only to Chase Payment Solutions clients, the bank said in a Wednesday (Oct. 30) press release.
“Our goal is to deliver value and expertise to our small business clients that goes beyond our industry-leading, core banking services,” Chase for Business CEO Ben Walter said in the release.
Customer Insights uses aggregated, anonymized data from card transactions at the business owner’s establishment and peer benchmarking from third-party sources to provide analysis of customer behaviors together with insights that can help owners refine their marketing strategies and streamline their operations, according to the release.
With the analytics provided by the platform, business owners can track daily card sales and historical trends; understand demographic trends by age, gender and income; see customer purchasing habits in terms of spend, purchase time and channel; and identify their top geographic markets, the release said.
Clients can use these insights to inform their marketing strategy, site selection and other business decisions, per the release.
They can access Customer Insights through their Chase for Business profile on the Chase Mobile app and desktop, according to the release.
“Customer Insights is an innovative solution to help businesses operate more efficiently and reach customers in ways they could not before,” Walter said in the release.
Chase announced in May that it planned to make Customer Insights available to more business owners.
At the same time, the bank unveiled other new tools for business owners, including a digital invoicing system that lets businesses create and send invoices via text or email, and an online payments hub that lets them send large sums of money quickly and securely.
Chase also said at the time that it offers real-time, same-day and standard ACH payments without a flat monthly fee. The bank found that 54% of business owners said they would change banks to one that sends same-day or real-time electronic payments and that 70% would prefer not to send paper checks to cover their payments.
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