Most bank payment strategists agree that integrating payment transaction data and analysis into a bank's business processes would improve a bank's ability to achieve goals such as customer satisfaction and retention, product development, and operational efficiencies and cost savings.

Boston, MA, September 19, 2007 – A new Impact Report from Aite Group, LLC examines opportunities to gather and analyze the relationship and transaction data on both aggregated groups of customers and individual bank customers to enhance the comprehensive 360° view of the customer and to improve key business processes, such as new account opening and account management.

The report, titled "Transforming Data into Insight: Enhancing Customer Relationships and Bank Profits," confirms that the payments landscape is changing, and that financial institutions and service providers are looking beyond efficient operations to understand and mine enterprise transaction data and provide key insights into customer behavior and profitability. It reveals that despite the organizational and systems silos common at banks, banks leveraging new technology to access and analyze enterprise-wide data can achieve stronger customer relationships, greater revenue generation and cost savings.

"There are numerous opportunities for banks to leverage all of the customer data to which they have access to improve their profitability," says Nancy Atkinson, senior analyst at Aite Group and author of this report. "However, there is a disconnect between the goals of banks' payment organizations and the amount of time that is spent on activities in support of those goals. Improving data access and analysis will alleviate time spent on less important activities, allowing payment organizations to allot more time to their more important goals. In spite of business justification issues and systems migration challenges, technology is available to help embrace the opportunities that abound."

This 46-page Impact Report contains 29 Figures. Clients of Aite Group's Retail Banking and Wholesale Banking Services can download the report by clicking on the icon to the right.

Related Aite Group Research:

• Large U.S. Banks Ramp Up Their Online Offerings to Small Businesses
• Retail Banking Compliance Survey: A Reality Check
• Automating Account Opening In-Branch and Online: A Case Study of Alliant Credit Union
• Top Ten Banking Trends for 2007: The Focus on Revenue

To purchase this report or
for additional information,
please contact:
Aite Group Sales
Tel: +1.617.338.6050
sales@aitegroup.com