What are Businesses Spending the Most Money on Out of Consumer Accounts?
What we're seeing
The analysis this week examines accounts that are paying food and drink distributors, suggestive of businesses such as gas stations, convenience stores and restaurants. Among those expenses identified as business-related, the largest expense is food wholesale at 33.4 percent, with the second largest portion of these expenses (30 percent) being related payroll and benefits, a topic covered previously.
Takeaway & Call to action for FIs
Financial institutions can use their transaction data to identify not just which retail accounts are operating businesses, but also industry sectors that these businesses may operate in, in order to offer upgraded business accounts and services tailored to industry-specific needs.
Alkami Telemetry Data for this figure was sourced from a panel of 22 financial institutions with more than 2.5 million account holders and over 1.5 billion transactions.
What account holders spend money on every day highlights what’s important to them. That’s why insights built from transaction data are key to executing personalized campaigns that drive revenue.