In the banking sector, cross-selling has become a vital strategy for companies to drive economic growth and build customer loyalty. However, the effectiveness of this strategy depends to a large extent on the quality and depth of the data you work with.

That is why at Wenalyze we use the potential of open sources and artificial intelligence to obtain a comprehensive and in-depth view of your customers’ purchasing behaviour, analysing and enriching payment data. This way we can identify more accurate and relevant cross-selling opportunities, significantly increasing the chances of success.

The banking industry faces major challenges in the digital era, from increased personalisation of sales, to demands for increased operational efficiency and profitability. To overcome these challenges, banks must focus their efforts on improving their customer knowledge and harnessing the potential of payment data. The key to success in this area lies in a deep understanding of the customer profile, which allows for a more accurate identification of customer needs and the provision of relevant products and services.

However, when cross-selling is based on inaccurate data, the sales process is ineffective. Consider that one out of every three payments made in the world is poorly categorised, resulting in a fragmented view of the client, as companies are not aware of the real needs of their customers.

At Wenalyze we offer the solution so that you can design the best cross-selling strategy, thanks to open data sources and artificial intelligence we are able to identify the payment data of your customers by correctly analysing the merchants where the purchase is made. This allows you to obtain a complete profile of your customers and get to know which product is the most suitable for the sale.

For example, by enriching the payment data of a customer who has made several travel-related purchases in the last few days, such as airline tickets or a hotel reservation, the bank would be able to offer them travel insurance according to their needs and financial level.

Our payment data enrichment solution offers key benefits for cross-selling such as:

– Resource savings: When you do not have access to rich payment data information, you have to allocate more resources to cross-selling.

– Increase profitability: With enriched payment data, cross-selling is more efficient because it optimises resources and generates more profit for the company.

– Get to know purchasing power: Obtaining enriched information about the merchants where your customers shop gives you key insights into their economic status.

– Identify recurring expenses: You will be able to analyse which of your customers’ payments are recurring to predict future spending and improve their purchase profile.

– Improve customer satisfaction: A better targeted sales strategy focused on customer needs translates into improved customer satisfaction.

Our payment data enrichment solution becomes an essential tool for banks that want to leverage the full benefits of the latest technology to improve cross-selling. By gaining an integral view of the customer and taking advantage of the opportunities provided by data technology, companies can raise the bar in their sales strategies.

Wenalyze helps you transform data into business opportunities. Contact us and ask for your demo.