Transaction information is often a challenging one for consumers to recognize their transactions. It is because of highly abbreviated with confusing conventions the lead that consumers need help understanding. With the help of Transaction Data Enrichment, consumers can get personalized financial help from their financial institution. Transaction data enrichment is an advanced raw transaction that turns confusing transactions into clear transactions. It is easy to use contextualized data, even allowing financial institutions to extract deep insights into customers’ requirements. Let’s read further to learn how it helps consumers to experience better financial wellness.
About Transaction Data Enrichment:
Transaction enrichment adds further information to raw transaction data. It aims to turn raw data into actionable details that allow businesses to optimize their operations, detect fraud, and enrich consumers to have a better experience by getting financial recommendations for financial wellness. The artificial intelligence scans the past account balance and history of the consumers to gather new information.
The goal of transaction data enrichment:
Transaction data enrichment is nothing but adding information to raw transaction data. It is being done on various types of transactions like transfers, direct debits, and payments. The main goal of transaction enrichment is to minimize the entropy of raw data by providing recognizable information like categories, logos, and brand names. Businesses can expose valuable information that helps them to make more educated decisions at the same time, improve performance.
Different types of data enrichment:
- Behavioral data enrichment requires the user to add behavioral patterns to the data set. It includes dislikes, likes, areas of interest, and other parameters that impact the buying patterns of users. It offers to create personalized campaigns for different datasets and has a focused approach to marketing spending.
- Socio-demographic is another type that involves amending the dataset’s demographic data like marital status, income levels, etc. It also allows the users to squeeze the marketing messaging suitably to reach the target audience.
- Geographic data enrichment is the type that requires to addition of geographical data to the database. Its updated data helps to have beneficial information, helping the users to make knowledgeable decisions and, at the same time, trying to launch a new product or service in a particular region.
Benefits of financial data enrichment:
Banks can identify fraudulent activity and minimize errors easily. Thus, it helps to improve the overall experience of using payment services with the help of Financial Data Enrichment. It helps the users to have full control over their finances and financial management. It helps to access their transactional data in an intuitive interface that develops markedly improved awareness of their spending. It allows businesses to better understand their customers without having additional information. It also minimizes the risk and improves customer service without delay in work processes. It increases financial and bank institutions’ sales efficiency. It delivers personalized financial advice, improving customer loyalty and customer satisfaction.
Data enrichment is a strategy that helps to unlock the full potential of the sale process. The combination of internal and external sources gives depth insights into target groups and improves outreach efforts. Thus, it brings better results.