NAB will offer small businesses access to real time analytics next year through a partnership with cloud-based platform Pollinate. NAB is also investing in the UK company, which works with one leading bank in each geography.
On Wednesday NAB announced a partnership and investment in Pollinate to provide SME customers with real time sales analytics. NAB says the analytics include sales data, average transaction value, and a comparison of day periods and payment type.
NAB will run a pilot of Pollinate in March 2021 before rolling out the technology across its customer network.
Pollinate is a UK fintech that partnered with UK major NatWest last year to launch a its payments platform. The platform includes merchant onboarding, analytics and loyalty tools. Known as Tyl, the platform can be rebranded for different banks and markets, likely the case for a local NAB version.
Pollinate says it works with one bank in each major market, and in addition to the UK and Australia is in “advanced discussions in South Africa, Canada and other regions”.
NAB says the analytics tools will help small businesses improve their digital capabilities. The bank’s own research suggests smaller firms have traditionally fallen behind in digital capability with large firms adopting digital technology at up to four times the rate of small business.
“Real-time data that delivers greater insights into what customers want, when and how they want it, can be transformative to a small business,” said NAB group executive business and private banking Andrew Irvine.
“Leveraging Pollinate’s platform, NAB will give businesses the information they need to make decisions about their daily sales at their fingertips.”
NAB will also become a minority investor in Pollinate, joining NatWest, Mastercard, EFM Asset Management and Motive Partners, and bringing the total amount raised to £70m.
Al Lukies CBE, Pollinate Founder and CEO said, “Banks around the world have had a difficult decade, but they remain the only ones in the payment chain who can connect directly with both merchants and consumers. NAB is ideally placed to create a virtuous circle between the bank, its business customers and the communities they serve.”