Nedbank has released the Nedbank Market Edge analytics tool that enables merchants and other businesses to gain business intelligence and insights into client behaviour through big data.
The emergence of big data has become one of the biggest game-changers for businesses today, yet without an easy way to access this information business owners are simply unable to reap the benefits and risk being left behind by their competitors.
In response to this need, Nedbank has announced a data analytics tool, Nedbank Market Edge, enabling merchants and other businesses to gain business intelligence and valuable insights into client behaviour through big data. Nedbank Market Edge “seeks to empower Nedbank card-accepting companies to develop informed strategies on the back of their own big data, by utilising a multi-layered, user friendly dashboard that draws data from client’s card transactions”.
Market Edge provides the user with a number of tabs, ranging from transactional overviews at holding, brand or store level, to share of wallet and client loyalty information. This tool provides businesses with geolocation information about the reach of an outlet into client markets, enabling them to analyse and determine key trends as well as the changes in their client’s behaviour over time, making it easy to develop real-time responses. It also provides a breakdown of clients’ spend patterns, income segmentation, gender and age demographics.
Chris Wood: Head of Emerging Payments, Strategy and Regulatory at Nedbank, notes that Nedbank Market Edge has been especially designed as an innovative value added service to build on the core acceptance capabilities already provided to the bank’s card merchants through a broad range of strategic information. ‘These are real benefits for businesses, allowing them the much needed time and effort to focus on growing their businesses.’
According to a study conducted by the McKinsey Global Institute, big data has the potential to increase net retailer margins by as much as 60%.
Wood says that packaging big data as a service to its customers is one of many ways that Nedbank is challenging traditional business models and product offerings. Many businesses seek transactional or behavioural data about their clients, using surveys or other data capturing methods to build up a view. Market Edge™ intelligently packages this information in an easy to consume online tool, aggregating all card transactions passing through a Nedbank point of sale device.
As such, this tool is vital to understanding ‘foot fall’ to help with optimal management of staff shifts or strategies to stimulate and attract new clients at quieter periods of the day. ‘Inadequate staffing can result in unintended consequences such as reputational risk and loss of sale. The cost of client acquisition for any business is difficult to manage in isolation of a retention strategy, more importantly; trying to regain lost clientele can be even more costly. Market Edge is designed to help eliminate this,’ concludes Wood.
The launch of Nedbank Market Edge forms part of the bank continued focus on small, medium and large enterprises aimed at partnering with businesses for growth for a greater South Africa.
‘We believe Market Edge will serve as a catalyst for businesses to build enduring relationships with their clients, stay ahead of the curve while taking their businesses to the next level.
Nedbank Market Edge is available to Nedbank card accepting businesses, whether physical or online.
Password managers don’t protect you from hackers
Using a password manager to protect yourself online? Research reveals serious weaknesses…
Top password manager products have fundamental flaws that expose the data they are designed to protect, rendering them no more secure than saving passwords in a text file, according to a new study by researchers at Independent Security Evaluators (ISE).
“100 percent of the products that ISE analyzed failed to provide the security to safeguard a user’s passwords as advertised,” says ISE CEO Stephen Bono. “Although password managers provide some utility for storing login/passwords and limit password reuse, these applications are a vulnerable target for the mass collection of this data through malicious hacking campaigns.”
In the new report titled “Under the Hood of Secrets Management,” ISE researchers revealed serious weaknesses with top password managers: 1Password, Dashlane, KeePass and LastPass. ISE examined the underlying functionality of these products on Windows 10 to understand how users’ secrets are stored even when the password manager is locked. More than 60 million individuals 93,000 businesses worldwide rely on password managers. Click here for a copy of the report.
Password managers are marketed as a solution to eliminate the security risks of storing passwords or secrets for applications and browsers in plain text documents. Having previously examined these and other password managers, ISE researchers expected an improved level of security standards preventing malicious credential extraction. Instead ISE found just the opposite.
Click here to read the findings from the report.
MWC: Next generation of inflight connectivity to be unveiled
Next week at Mobile World Congress, the Seamless Air Alliance will reveal progress on its mission towards enabling the next generation of inflight connectivity. This follows a significant start for the Alliance, which has seen membership increase five-fold since the first meeting in June of last year. The Alliance has a new research laboratory setup and continues progress through its three working groups, writing specifications for the technology, requirements, and operations.
These developments represent a huge leap towards the goal of making connectivity as easy and enjoyable in the skies as it is on the ground. Appearing as part of the Airbus stand (Hall 6, stand 6G34), the Seamless Air Alliance will reveal specification topics that have been completed and published to its membership.
“The passenger experience with inflight connectivity remains one of the great technology challenges. From Day One we have been determined to deliver on our mission to bring industries and technologies together to make the inflight internet experience simple to access and a delight to use,” said the Alliance’s Chief Executive Officer, Jack Mandala.
“I have been tremendously encouraged by the enthusiastic and committed response we have seen and the widening areas of expertise we can call upon as more and more companies and organisations continue to join us,” he added.
Announced during MWC 2018, the Seamless Air Alliance has since grown to twenty-three membercompanies with more than one-hundred key personnel from across the membership participating in its three working groups, with numbers continuing to increase.
The Seamless Air Alliance was created by founding members Airbus, Airtel, Delta Air Lines, OneWeb and Sprint, and quickly joined by Air France KLM, Aeromexico, and GOL Linhas Aereas Inteligentes and global technology leaders including Astronics, Collins Aerospace, Comtech, Cyient, iDirect, Inmarsat, Intelsat, Latecoere, Nokia, and Panasonic.
Today, the Alliance is pleased to announce five additional new members: Adaptive Channel, Etihad Airways, GlobalReach Technology, Safran, and SITAONAIR.
“We are extremely pleased to have these companies join and be a part of the companies driving the next generation of connectivity.” said Mr Mandala.
The Seamless Air Alliance will enable travelers boarding any flight, on any airline, anywhere in the world, to use their own devices to automatically connect to the Internet with no complicated login process nor paywall to scramble over.
The Alliance is also announcing the release of a new research study on the economic benefit of standardization on the inflight connectivity market at Mobile World Congress. This report is available for download at https://www.seamlessalliance.com/publications/
The Alliance is moving rapidly towards an expected demonstration of the technology later in 2019 and anticipates massive interest in Barcelona from the whole communications eco-system.