SmartBusiness is set to start up next month, and will give transaction data as well as local insight into consumer habits.
The online tool – the first of its kind – will provide small and medium-sized firms with the ability to access and make use of big data, in order to grow their businesses.
Available through Barclays online banking to more than 500,000 commercial customers, the platform will cost £4.95 plus VAT per month, and show trends surrounding incoming and outgoing payments, money paid by cash, debit cards and cheques, and anonymised sector and customer spend data.
The launch comes in light of research that shows that more than half (56 per cent) of SMEs seldom check their business data.
While almost half (44 per cent) say they check daily or weekly, many (22 per cent) complain of not having the time to do so, and 15 per cent report never having thought of analysing their own customer and transaction data.
‘Affordable market insights’
Ian Rand, CEO of Barclays Business said: “For small and medium-sized business owners, running a business is a full-time job and it can be difficult to find the time to take stock and plan for the future.
“SmartBusiness will help SMEs and aspiring entrepreneurs to both run their business by understanding their cash flow better; and to grow their business by understanding more about their customers.
“We want to give small businesses access to affordable market insights that traditionally would be the preserve of larger companies. We are equipping the nation’s businesses with access to their own data in a form that’s much easier to use, and supporting the government’s plans to promote digital business solutions around data.”