Small business clients looking to make data-driven business decisions within their operations don’t always know how to tap into their data, but JPMorgan Chase has created a solution to deliver these insights. 

“Eighty-two percent of small businesses tell us that they want to use data, and they’re likely to use data in their business decision-making if they had it available to them,” Jameson Troutman, head of product for small business at JPMorgan Chase, told Bank Automation News.

The $3.7 trillion bank announced its Customer Insights tool this month, which will launch later this year, to offer small business owners a customized dashboard with insights, Troutman said.  

“The focus for us was really how do we take all the information that we have and package it up in a way that’s consumable, easy to digest and actionable for the small business owner,” he said. 

Every month, Chase for Business surveys 500 small business owners to track their experiences and monitor their needs, a Chase spokesperson told BAN. According to a recent bank survey, small business owners want the following from their data: 

• 64% want access to data for competitor analysis. 
• 59% want data that helps them understand customer spending habits. 

The data pulls sales trends, transaction volume and customer ZIP codes to help small businesses better staff their stores, create loyalty programs and expand their footprint, Troutman said. 

Chase for Business clients Chicago-based Meredith Jaye boutique and Topeka, Kansas-based Play It Again Sports, are already benefiting from Chase’s insights tool, according to a Chase release. 

The tool “has helped us define who our customer is,” Cullen Fuller, co-owner of Meredith Jaye, said in the release. “I’m getting data that would essentially cost me thousands of dollars to get elsewhere.” 

The tool will be available to customers that process payments with Chase, Troutman said, noting that non-Chase clients can also receive insights about the broader business market, rather than those based on data unique to them. 

“For a lot of small business owners, they don’t have access to this type of data, they’d have to pay significant costs to be able to access the types of data that we have at our disposal,” Troutman said.