Smart Data, Smarter Cards: Strategic Insights for Mitron Bank

As a Business Intelligence Analyst at AtliQ Data Services, a leading data service company, I spearheaded the transformation to analyze the provided sample data and report key findings to the product strategy team of Mitron Bank. This pilot project offered actionable insights through professional-quality reports and dashboards. My primary focus was on tracking key performance indicators (KPIs), demographic analysis, scrutinizing product-level trends, and identifying high-value customers.

Utilizing advanced artificial intelligence tools such as decomposition trees, key influencers, alongside performance optimization techniques, I ensured that our reports ran smoothly at scale. This guided the product team and strategy director of Mitron Bank in tailoring the credit cards to customer needs and market trends.

1. Consumer Analysis: This section focuses on understanding consumer behavior through payments preferences, savings patterns, and top purchases.

a. Payments Preference:

• Credit Cards dominate, with 216 million transactions.
• UPI follows with 141 million transactions.
• Debit Cards account for 120 million transactions.
• Net Banking is the least used, with 54 million transactions.
• Additional insights may be uncovered through deeper data analysis.

b. Savings Patterns:

• Men save more, accounting for 68.78% of total savings.
• Women contribute to 31.22% of savings.

c. What's in Your Cart?:

• Consumers prioritize spending on bills and groceries over apparels and other items.
• Single individuals spend the most on electronics (17 million) and bills (15 million).
• Married individuals primarily spend on bills (90 million) and groceries (72 million).

2. Demographic Analysis: This section includes key performance indicators (KPIs) like net income, average income, savings, top earners, life stages, financial behavior, cityscape finances, and customer spending patterns.

a. Life Stages and Financial Behavior:

• Spending decreases with age.
• The 25-34 age group spends the most, generating 203 million.
• Those aged 45+ spend the least (68 million), likely due to a focus on savings, children's education, home loans, etc.

b. Cityscape Finances:

• Mumbai, as the financial capital, has significant earnings (56 million) and spends the most (172 million).
• Hyderabad and Bangalore have earnings below the median, but still demonstrate considerable spending.

c. Customer Spending:

• Males spend around 67.27% of total spending, while females contribute 32.73%.
• Additional insights show that both married and single men have higher usage across all payment types, including groceries, entertainment, food, apparel, and bills.

3. Product Analysis: This section examines the products offered by Mitron Bank, focusing on credit and debit cards, UPI, and net banking.

a. Key Statistics:

• Balance: 738 million
• Spending: 531 million
• Income: 207 million
• Savings: 324 million

b. Consumption vs. Ability to Pay:

• There is a growing pattern in consumption across different professions, including government employees, business professionals, and IT salaried employees.
• Recommendations will be provided based on these patterns.

c. Your Financial Health Check:

• September has the highest spending rate of 116 million.
• Transactions through net banking and UPI: 30,764,872
• Transactions through credit cards: 47,261,526
• Transactions through debit cards: 26,071,540

New Features and Recommendations for Mitron Bank's Credit Cards:

1. Dynamic Rewards and Cashback Programs:
   • Electronics Purchases: Offer higher rewards or cashback for singles who spend significantly on electronics.
   • Bills and Groceries: Tailored rewards for married individuals, who primarily spend on bills and groceries.
   • Seasonal Promotions: Special promotions during high spending months like September to encourage more transactions.
2. Savings Incentives:
   • High-Yield Savings Integration: Link credit cards with high-yield savings accounts, offering better interest rates based on spending patterns.
   • Auto-Round-Up Savings: Automatically round up purchases to the nearest dollar, depositing the difference into a savings account.
   • Goal-Oriented Savings Plans: Encourage users, especially those aged 45+, to save for specific goals such as children's education or home loans.
3. Enhanced Security Features:
   • Real-Time Fraud Alerts: Immediate notifications for suspicious transactions to protect high-volume users.
   • Biometric Authentication: Implement fingerprint or facial recognition for transaction approvals, enhancing security.
   • Virtual Card Numbers: Provide temporary virtual card numbers for online transactions to minimize fraud risk.
4. Customizable Spending Limits and Alerts:
   • Personalized Budgeting Tools: Allow users to set spending limits for different categories and receive alerts when approaching these limits.
   • Spending Insights: Monthly reports detailing spending habits and areas for potential savings, helping users manage their finances better.
5. Mobile App Integration:
   • Comprehensive Financial Dashboard: A mobile app feature that consolidates all account information, including spending, rewards, and savings goals.
   • Real-Time Tracking: Immediate updates on spending and rewards earned, promoting more active engagement.
   • AI-Powered Recommendations: Personalized suggestions for managing finances, such as better savings options or spending adjustments based on historical data.
6. Exclusive Membership Benefits:
   • Lifestyle Perks: Access to exclusive events, dining, and travel benefits for high-spending customers.
   • Partner Discounts: Collaborations with popular brands and retailers to offer discounts on frequently purchased items.
   • Health and Wellness Programs: Benefits like gym memberships or health check-ups for premium cardholders, promoting overall well-being.
7. Flexible Payment Options:
   • Installment Plans: Offer easy-to-manage installment payment plans for large purchases, with competitive interest rates.
   • Deferred Payment Programs: Options to defer payments during financially challenging periods, providing a safety net for cardholders.
8. Tailored Financial Education:
   • Workshops and Webinars: Free access to financial literacy programs, helping customers make informed decisions about spending and saving.
   • Personal Finance Advisors: One-on-one sessions with finance experts for premium cardholders, guiding them through complex financial planning.