Westpac is collating data from millions of daily credit card transactions to provide key business insights to client firms.
Westpac says the new package, dubbed DataX, will enable faster, data-backed decision making for its largest clients.
DataX uses de-identified credit card data from more than six million daily card transactions to inform firms of market opportunities and navigate changing market condictions.
Westpac Institutional Bank chief executive, Anthony Miller, says that data insights are the new currency for business growth.
“Westpac DataX takes our client relationships beyond traditional banking and finance to provide tangible insights for clients to optimise logistics, take advantage of market share opportunities or deliver to their growth strategy," he says. “For our business and institutional clients, our data insights can help them to deeply understand their market conditions, identify and quantify new growth opportunities, and deliver bespoke products and services to their customers. We’re also proud to have a dedicated public sector offering to support evidence-based policy decisions and nation building projects.”