ERN unveils Looop, a big data technology platform for banks and merchants
London 7th February 2013: ERN (www.ernglobal.com) has announced the launch of its big data technology platform, Looop.
To be unveiled at next week’s FinovateEurope 2013 conference in London, Looop is the brand name for the innovative new platform that promises to close the transactional ‘loop’ that is currently broken every time a customer leaves a store with a paper receipt.
Looop brings together card payment and merchant data in real time to enable banks and merchants to see the granular detail of every purchase, allowing them to build detailed profiles of individual customers in order to target them more effectively.
Looop is PCI and ISO 27001 compliant and capable of processing 100,000 transactions per second, performing real-time data analysis that gives banks and merchants invaluable insights into customer purchasing behaviour. It is designed to run alongside existing IT infrastructure with minimal deployment costs.
For banks, in depth-analysis of transactional data will help them understand how people – both individuals and groups – use their credit cards to purchase goods, enabling them to encourage and reward customers for using their card.
For merchants, understanding customer behaviour enables them to build effective loyalty and reward schemes that don’t rely on a ‘one size fits all’ approach, but offers individual customers discounts on things they really want to buy.
ERN’s CEO Dan Brassington said: “While banks and merchants generate reams of data every hour, the value of this data isn’t realised because legacy IT systems make it impossible to evaluate and analyse in any meaningful way.”
“Transactional data holds the key to long-term customer loyalty. If banks can get to grips with this big data it can be used to create additional value-added services for customers, promoting their credit card to the top of the consumer’s wallet.
“Merchants, in turn, can use the data to build profiles of individual customers, helping them create compelling, highly targeted loyalty schemes and discount offers to promote long-term custom.
“Consumers will also be getting the best possible value from their transactional data, in the form of highly personalised offers delivered to them in a timely fashion through their smart-phones. As well as acting as a container for these mobile mCoupons, Looop helps consumers keep an eye on their spending in real time, letting them budget effectively.
“Looop is all about everyone involved in the transactional ecosystem getting the maximum value from every purchase made and we’re very excited to be working towards proof of concept trials of the system in the very near future.”
About Looop:
To be launched at next week’s Finovate Europe conference, Looop is a unique big data technology platform that brings together card payment and merchant data in real time to create value from every single transaction.
The name signifies the way in which the platform can complete the transactional loop, by giving everyone in the payment ecosystem – bank, merchant and consumer – the maximum value from the data it generates.
Looop enables card providers to open up new revenue streams with additional value-added services for customers, boosting customer loyalty and promoting its card to the top of the consumer’s wallet.
The transactional data insights provided by Looop is central to future channel, product and pricing development for merchants.
Consumers can use Looop to manage receipts electronically, analyse their spending patterns and receive mCoupons and discount offers through their smart-phone, completing the loop.
About ERN:
ERN is an extremely well-funded company with a strong legacy and experience of working in the banking / finance sector.
The board (http://www.ernglobal.com/about-ern/board-of-directors/#tabs) contains highly respected names from the banking industry – people of the calibre of Executive Chairman Derek Tullett.
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