JPMorgan Chase recently launched its data analytics-based Customer Insights platform in order to provide its small business clients with a deeper understanding of their customer base through their transaction and payment history.

“How do you let a machine learn the data and then translate it to a business recommendation?” Tony Wimmer, managing director and head of data and analytics for JPMorgan Payments, told Bank Automation News. “The key is to find the right data field in the data, then distill it to the insights of the consumer users.”

The platform, launched in June, leverages machine learning for “all the data analysis, and then our intelligence translates it into plain English,” Wimmer told BAN.

Small business customers can receive a big-picture overview of their clients’ average age and geographic location; where they come from to visit a store; channel insights that break down online versus in-store sales; and the ability to benchmark store performance with meaningful peer groups, Wimmer said.

The platform, which is integrated into Chase.com and available to businesses that bank with Chase Processing Services (CPS), links SMB data with Chase to create insights that otherwise would not be available, Wimmer said.

“We hope that at least a couple of these [offerings] help small businesses really make better decisions,” he said.

In a recent study by JPMorgan Chase that surveyed 1,000 small business owners, more than 70% of respondents said it’s important for financial services providers to offer customer insights and business intelligence services.

Since launching Customer Insights, the bank has continued to tweak the platform every two to three weeks, “given we are a very agile software team,” Wimmer said, noting his group is made up of about 150 data scientists and 150 engineers that build software solutions.

“We are always fixing things to make [the platform] more intuitive,” he added.

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