How many times have you swiped your card or made an online transaction today? Numerous? With the average consumer using more than one card at a time and online payments growing four times faster than retail payments, the credit card market is booming. But is your card data protected?
As per the Statista total transaction value in the Digital Payments segment amounts to US$884,506m in 2018.
Data is crucial for businesses. If you believe stakeholders run the company; well it’s DATA that aids the decision-making part. Regardless of their size, companies today are data-centric and make decisions based on insights, which are driven by data. Which is why, millions of dollars are spent on softwares and tools that clean, store, mine, convert and secure the data. After all, your decisions are as good as the data that backs it.
Being a data centric BI solutions company and having served one of the biggest names in the Credit card industry, we understand that apart from all the customary data initiatives, data protection is essential. In our case; regulated by PCI DSS. Amtex BI is accustomed to working with clients from different industries and while we work on creating dexterous BI solutions, data security is our utmost priority. Every client’s data is important, but the stakes are high while working on data from finance companies. These companies deal with payment data of customers, where the tolerance to blunders is zero.
Total Transaction Value is expected to show an annual growth rate (CAGR 2018-2022) of 9.1% resulting in the total amount of US$1,253,061m by 2022.
With increasing threats, thefts and cyber frauds related to credit cards, the security standards followed by companies while dealing with these data require adherence to federal compliance standards. There are over millions of transactions that take place around the world every day, and it is critical to secure all these transactions happening. Therefore, PCI DSS (Payment Card Industry Data Security Standard) compliance is introduced for these companies which helps in securing the data and reducing the menace related to plastic money frauds.
Credit Card Companies, Business Intelligence & Security
Amtex BI is PCI DSS compliant and has provided BI solutions to one of the top financial companies. If you are a payment industry and are looking for BI services, contact us! Simply put, we know the drill.
Here’s a brief of the insights delivered while being PCI DSS compliance:
- Credit card transactions are the powerhouse of insights for this company, and with right tools and proper security measures we were able to deliver wealth of insights and bring the under-utilized data to surface.
- Our BI tools uncovered a new market and gave the organization useful information such as where to allocate their resources, what offers to throw in the market and how to maintain the competitive edge in the market.
- With our path breaking solution, we perused all the data and transformed it into useful insights pertaining to location, product, purchasing behavior, lifestyle, customer segmentation, credit risk models, loyal customers and churn prediction. Such information are pivotal in orchestrating organizations’ decisions and finding ways to bring in revenue to the company.