Putting Customers First: Best Practices for Card Credit Providers
Published on 25 de April de 2023
How often have you checked your banking app, only to become frustrated by the lack of information about your payments? It happens to your clients as well. Moreover, can you imagine them changing to a different financial entity that provides enriched data about their payments? Today we will discuss how to put your customers first and improve the data quality of the app bank payments.
1. Customer expectations
The demand for better services on online and mobile banking is increasing, and customers expect an enhanced experience and personalized services from their banks. Hence, card providers must be able to offer a seamless customer experience across multiple channels.
For example, customers want to be able to access their accounts through any channel at any time. They want to know that if they’re using their credit card at a restaurant, for example, the balance will be reflected in real-time, so they can pay it off without worrying about incurring additional charges or fees.
2. Understanding personal finances
Customers expect to explore their finances in a simpler way on their banking apps. As there is still a huge amount of lack of information, financial entities should look for the best way to provide this information by, for example, data enrichment. This also allows banks to offer services related to the customers’ needs.
For example, if a bank knows that you spend every Friday at Starbucks, it could send coupons for discounted drinks on Fridays or suggest a different drink from its menu based on your previous purchases. The same approach can be applied to other products and services, such as travel planning or healthcare services.
3. How Payment Data Enrichment Works
Payment data enrichment is the process of adding additional information to a transaction to understand the client better and provide them with more information about their finances, as well as offering them tailored products.
The most common example of payment data enrichment is when a card provider adds purchase details to a transaction. In this case, the card provider adds information such as description, price, location, date, and time of purchase. It gives the card provider more insight into their customers’ spending habits.
4. Challenges when adopting payment data enrichment
The main concern of implementing payment data enrichment is to offer compliance with GDPR and the different personal data privacy regulations. As the data used for the enrichment comes from the merchants, what is to say, entities are not working with personal data but with business data instead. In other words, payment data enrichment is compliant with the current regulations.
Payment data enrichment can dramatically change how consumers use cards and increase loyalty among users, helping issuers stay competitive in an ever-changing market.
The payment data enrichment industry is a thriving one, with many companies vying to meet the needs of consumers and retailers. To stay ahead, issuers must decide how they want to blend payments and loyalty programs and how they want to best attract new customers.
If you want to know more about how to put clients first and implement payment data enrichment, contact us here now.
