A major international bank found gini to be the most efficient data enrichment provider for its digital banking upgrade initiative.
In a pilot project with gini, the bank ran 50,000 transactions through our data enrichment engine.
Within 72 hours, gini had enriched 95.7% credit card transactions and 92.7% EPS transactions.
“We were surprised just how fast gini’s enrichment capabilities are. What we expected to take 3 weeks took them only 3 days,” said the bank’s Head of Innovation and Strategy. “On top of that, they even enriched EPS transactions, which no other provider has achieved.”
A recent digital banking survey showed low levels of satisfaction, with 87% of customers finding it hard to understand their transaction feeds. “My current spending history is confusing. I want to see the ACTUAL shop name.”
To increase customer satisfaction and reduce queries, the bank planned to first replace standard transaction codes with clear merchant names and categories throughout its digital banking services. And then to increase loyalty with a personal finance app, built on the foundation of enriched data.
However, developing the technology to transform such large volumes of transaction data was proving to be a Herculean task — one that would take years. So they looked for an external provider to help clean, structure and enrich the data accurately and quickly.
Impressed by the quality and speed of gini’s enrichment engine in the pilot project, the bank plans to integrate our scalable software into their own systems to allow for real-time data processing and enrichment. Thanks to gini’s ready-to-go software plug-in solution, the entire integration process will take less than a week.
This means that in a few short weeks, the bank’s entire customer base will have their transaction feeds transformed from confusing codes to recognisable merchant names, logos and categories. This is predicted to have a significantly positive impact on the bank’s NPS scores.
Equipped with enriched data, the bank’s development team will then be able to build a competitive personal finance app with much richer features than otherwise possible.
Raw transaction data is essentially just a string of unintelligible text and numbers. Our data enrichment solution helps banks and customers make sense of their own transaction data.
gini's data enrichment solution is now more easily accessible via AWS Marketplace. This is the world’s first data enrichment engine that can be deployed instantly to any bank’s private cloud without the need for additional infrastructure.