AIB Merchant Services has launched a free data insights tool to support businesses emerging from lockdown.

Main Street Insights is billed as the first of its kind to be made available to businesses. The bank says it will enable SMEs access key insights and analytics.

It’s free to the company’s 20,000 customers and to new clients from today.

Chief technology officer Fergal Coburn said: “While owners are busy running their businesses, AIB Main Street Insights will analyse their card sales, giving them valuable insights which can help them make informed decisions and grow their operations.”

Data from AIB Merchant Services shows that consumers are using cards more, with card sales up 46% in hardware stores, 35% in grocery stores, 74% in garden centres and 34% in fast food restaurants when compared to pre-pandemic levels.

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“With such high card usage among consumers and the shift towards spending locally, Main Street Insights can provide business owners with detailed information about how their business is performing,” added Coburn.

Among the insights promised are: 

• Demographic breakdown including gender, age category and general location of customers.
• Breakdown of sales among new and returning customers.
• Overview of revenue and transactions on a monthly, weekly, daily and hourly basis..
• Overview of how a business compares to a group of similar businesses in the area.

General manager Hubert O’Donoghue added: “With this tool, business owners can allow AIB Merchant Services to do some of the work in the background, presenting them with easy to understand charts and graphics showing them how their business is faring, both in general and against other groups of similar businesses.’’