What is Financial Data Enrichment?
The ability to access and analyse high-quality financial data is the future of financial services. However, transaction information currently collected by financial institutions is often ambiguous and riddled with letters, numbers, and symbols, which makes it difficult for consumers to recognise their own transactions. It also lacks categorisation, which makes it difficult for financial institutions to organise, analyse, and effectively use.
In addition to reducing customer support calls and fraud research costs, the categorised and contextualised data allows financial institutions and FinTechs to extract deep insights into customer needs and behaviours. These real-time, predictive, and actionable insights can be leveraged by sales, marketing, and other internal teams to provide relevant and timely offers that are personalised for each individual consumer. Financial institutions and FinTechs can also use the insights to provide personalised financial advice, increasing customer satisfaction and loyalty.
Advantages for financial institutions and FinTech innovators
Machine learning and data science algorithms provide the most accurate classifications and easy-to-use transaction data standardised across any data source. This enriched data enables real-time, predictive, and actionable insights about consumer needs and behaviours.
