In recent years, the banking sector has become increasingly competitive with the incorporation of new technologies and the demand for quality digital service from new generations. Therefore, in order to stand out from the competition, the payment data enrichment has become essential, because it must be taken into account that each financial transaction provides the bank with valuable information about the habits, preferences and behaviours of its customers.

However, basic details of a transaction, such as amount and date, do not provide a complete picture of what the customer is really like. This is why payment data enrichment means going further, correcting errors in the information, adding layers of data and additional details that help to build a more complete customer profile, which can improve the bank’s sales strategy and profits.

The payment data enrichment becomes even more important when we see that statistically one in three payments made in the world are misidentified, leading to a loss of information that affects banks’ performance causing:

– An increase in returned transactions
– A loss of cross-selling opportunities
– A worsening of customer service
– Increased spending and reduced profits
– Uninformed decision-making

Inaccurate payment data represents a significant challenge for banks, as it does not allow the institution to know its customers correctly, which can have financial, regulatory and reputational implications.

3.1. Deep customer understanding: By enriching payment data, companies can gain a much deeper and complete understanding of their customers. This allows them to identify buying patterns, anticipate future needs and personalise shopping experiences to meet individual customer expectations.

3.2. Accurate market segmentation: With enrich data, companies can divide their customer base into more specific and personalised segments. This allows them to target specific audiences with messages and offers tailored to their interests and behaviours, increasing the relevance and effectiveness of their marketing or sales campaigns.

3.3. Improved customer retention: By better understanding their customers, companies can deliver more personalised and satisfying experiences that foster loyalty and long-term retention. This translates into more satisfied and engaged customers.

3.4. Increased cross-selling: One problem banks face when cross-selling is not knowing their customers and their specific needs, which costs the bank extra resources. Thanks to the enrichment of payment data, cross-selling is done on the basis of recurring purchase patterns that allow the bank to know what specific needs the customer has and to collect information about the customer’s needs.

3.5. Fraud prevention: With enriched data, it is possible to analyse the historical behaviour of users and transactions in more detail. This makes it possible to identify anomalies or discrepancies that could point to fraudulent activities, such as unusual transactions in terms of location, frequency, amount…

At Wenalyze we have designed our payment data enrichment solution that uses Open Data and artificial intelligence to enrich and correctly categorise your customers’ transactions, adding information contrasted through the analysis of our sources that allows you to better understand their needs, identifying new sales opportunities and improving customer service.

If you want to try our services, do not hesitate to contact us or request a demo.