Each year CANSTAR highlights financial innovations within Australia that we believe represent excellence in their field. An innovative product should be a first in the market – even perhaps open up a new market. The degree of innovation should also be sufficient to have a real impact for both consumers and competition. And, of course, something that′s truly innovative can′t help but have that “wow” factor and the overall impact the product could have.
In 2015, CANSTAR is please to congratulate Commonwealth Bank for winning an Innovation Excellence award for a terrific business analytics tool: Daily IQ.
What is Commbank Daily IQ?
Daily IQ is the Commonwealth Bank′s new analytics app for business customers. It offers business banking customers a comprehensive suite of intelligent solutions designed to help them make more informed decisions and improve the performance of their businesses.
Daily IQ delivers tailored analytics for business customers to view anytime, anywhere on their iPads or other tablets. To do this, it leverages an extensive range of data sources, specific to the customer′s business. It compiles millions of transactions processed by CommBank, and distils them into various competitor and geographic insights to enable business owners to see how their business is tracking at any particular time.
This user-friendly, uncomplicated information allows CommBank customers to understand their current position by providing a cash flow tracker, cash flow projections, working capital calculator, merchant and customer insights. Daily IQ also provides a national and global perspective with share market updates, key economic commentary, business articles, videos and Twitter updates.
Standout features of Daily IQ
Some standout features of Commbank′s Daily IQ app include:
Free. Daily IQ is free for CommBiz customers. It provides a wealth of data that can assist in enhancing business planning and strategic development.
Real time tracking. Ability to track cash flow and identify trends, helping to optimise cash flow, as well as the ability to view when and where sales take place, including average transaction size.
Integrated use of data. Tailored information and data specific to their business without any manual manipulation of data. Also provides capability to share dashboards in the app with the ability to annotate and email any screen from within the app.
Competitive advantage. The overall package, with daily updated insights, historical patterns and future trends enables business owners to gain a better understanding of customers and spending patterns, enabling the identification of new target markets.
Mobility. Customers can stay in control on their business anywhere, anytime from their iPad.
CANSTAR′s verdict …
The 2 million-odd small businesses in Australia are the backbone of our economy but they currently face some significant competitive challenges. Hard-working business owners have little time to research or source and analyse market trends and insights, cashflow and competitor performance, yet this information is essential for the ongoing success of their business.
The Commonwealth Bank′s Daily IQ analytics app packages all this information into a user-friendly format ideal for busy business owners. The design is elegant and the information spot on – definitely a wow factor.