The payments industry has long had a challenge with obtaining fair compensation. One of the reasons for this is the spread over diverse markets as is the case presently. However, there is good news now, in the shape of reduced customer- attrition rates and volume losses. This is by use of advanced business analytics. This involves mining diverse data to extract the deeper insights. There has been a positive client- revenue impact as per data supplied by McKinsey. To make sure that usable insights are extracted, the leadership needs to ensure clean and proactive data warehousing. Otherwise, inaccuracies will creep in. Data engineering and improvements in computational engineering are further making inroads. Spark Beyond is one such new tool that is proving to be extremely useful in this. Another is XG Boost, which uses Machine Learning capabilities. All these help in early adoption of pricing rates as per customer or client requirements.

Source:https://www.mckinsey.com/industries/financial-services/our-insights/how-machine-learning-can-improve-pricing-performance

Uploaded Date:15 June 2019