Chase for Business has announced the expansion of its Customer Insights platform to nearly five million small business owners. The interactive business intelligence tool, initially launched for Chase Payment Solutions clients, is now available to Chase business checking account holders at no additional cost. This platform offers industry insights that are intended to aid in the growth of small businesses.
Customer Insights analyzes customer behaviors using anonymized data from card transactions and peer benchmarking from third-party sources. This information helps business owners make informed decisions, refine marketing strategies, and streamline operations. By accepting card payments through Chase, businesses can access deeper insights specific to their operations.
"Customer Insights is an innovative solution to help businesses operate more efficiently and reach customers in ways they could not before," said Ben Walter, CEO of Chase for Business. "Our goal is to deliver value and expertise to our small business clients that goes beyond our industry-leading, core banking services."
The platform provides analytics across several areas including tracking daily card sales trends, understanding demographic trends such as age and income in top-performing markets, exploring customer purchasing habits by channel (online vs. in-store), and gaining insights into geographic concentrations of top customers.
The tool aids small businesses by suggesting strategic actions based on customer behavior data. For instance, it might recommend launching campaigns to attract new customers or suggest targeted marketing efforts based on locations where industry peers are active.
Cullen Fuller, co-owner of Meredith Jaye and M and Em’s boutiques in Chicago stated: "Customer Insights has been an absolute godsend. It has helped us define who our customer is, makes me more money, drives positive margins – and it is [at no additional cost]."
Terica Gatewood from Play It Again Sports in Topeka shared her experience: "Before Customer Insights, I would just target my social media campaigns for 35 miles around my store... Having [the locations] of frequent customers... helps me validate the effectiveness of my campaign."
Clients can access Customer Insights via their Chase for Business profile on the mobile app or desktop. This service joins other solutions offered by Chase such as invoicing features with QuickAccept® which are designed for the unique needs of small business owners.
Chase serves millions with a range of financial services including personal banking and investment advice through its vast network spanning 48 states plus D.C., along with mobile and online options.
For further information about Chase's offerings visit chase.com.