As many of its customers struggled to stay afloat during the COVID-19 crisis, cloud technology firm Xero empowered them to use their data and take advantage of the JobKeeper program. The government wage subsidy scheme offered small businesses a much-needed lifeline, but many of Xero's customers didn't know how to use it or whether they were qualified.
“We built an eligibility test right into our actual accounting platform, so a small business owner could tell straight away if they were eligible for JobKeeper or not,” said Trent Innes, Xero’s former Managing Director for Australia and Asia.
“And then, more importantly, we made it really easy for them to access that stimulus program,” added Innes.
Like Xero, HSBC has taken advantage of big data analytics to create more value for its customers. Using the Liquidity Management Dashboard on HSBCnet, businesses get an aggregated view of their available cash globally in any currency of choice, giving them greater visibility of their finances. Now, they can gain even more insights with HSBC’s new Cash Flow Forecasting tool. The tool provides businesses with a forward-looking view of their cash flows based on a combination of historical trends and expected payment flows, enabling them to better manage their finances.
Mastercard has also added value to customers and improved its results using big data analytics. By embedding artificial intelligence (AI) in its credit risk scoring and decisioning platforms, the company generated $20 billion in savings that it would have otherwise lost to fraud.
“So we’ve prevented fraud through the use of AI-enabled systems that we’re able to make available to our customers,” said Mallika Sathi, Mastercard’s Vice President, Cyber & Intelligence Solutions and Digital Identity.