Mastercard Panels is a self-service analytics platform which enables banks to gain insight into consumer behaviour based on data from the Mastercard payments network. It provides a wide range of information – such as drivers for consumers to use a particular card more (e.g. airline miles, retail points, no annual fee, etc.) and detailed profile of high spenders – and use them to strategically win over their competitors’ cardholders.
Mastercard Benchmarking Insights enables Mastercard to conduct surveys among banks in a particular market. On completion of responses, Mastercard produce anonymised reports showing a bank’s performance against industry benchmarks across a number of key performance indicators (KPIs).
Both platforms provide its users the insights necessary for informed decision making and allow them to slice and dice data from KPI down to its various metrics for more granular analyses.
Ripe for digital transformation
As one of the largest card companies in the world, Mastercard hold a vast amount of data on industry and consumer behaviour. Mastercard leverage this data by providing business insights to their clients in the form of tailored reports.
Due to its bespoke nature, reports took several months to complete. It did not help that it was a very manual process of consolidating data from research institutes around the world, creating the report in Excel and PowerPoint, and sending off the PDF by email or posting printed copies to their clients.
Mastercard analysts spent a huge chunk of their time putting the reports together. Time that could have been spent on drawing more insights were spent on building the actual report. In case of errors or updates, they would have to resend the newer version by email. This would end up with both parties sometimes not knowing where the latest version was as they were buried in their inbox.
Mastercard sought a digital transformation, one that would provide efficiency without compromising quality and data integrity. They envisioned a self-service analytics tool integrated with:
- dynamic and interactive charts, where clients can drill down on the data
- flexible data management with ability to create new KPIs from available metrics
- end-to-end survey management – from survey creation, distribution, response submission, and response aggregation
- report builder and capability to distribute reports to clients in multiple countries and languages
- robust user management module