Case study

gini’s new Saving Goal feature successfully increases engagement

Case study

gini’s new Saving Goal feature successfully increases engagement

The results

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.”

Credit card
transactions enriched

EPS
‍transactions enriched

The results

gini introduced a successful Savings Goal feature in our PFM app that was adopted by 60% of users within 30 days of launching.

Our users engage with the Savings Goal feature an average of 7.4 times a month, which when compared to the once-a-month engagement of most banking apps, is a testament to its value.
‍
And the reviews were overwhelmingly positive, with comments such as, “Congrats on the release of the saving function, it’s very helpful and motivates me to save more!” and “Makes saving and budgeting a lot easier.”

Makes saving and budgeting a lot easier.

The challenge

Our research showed that users wanted a savings feature that automates their budgeting calculations, and shows how much they have left to spend after putting their savings aside every month.
‍
However, no PFM apps in Hong Kong had a feature like this because it requires complicated algorithms and enriched transaction data. Without merchant names for example, it’s difficult to label recurring transactions accurately, and give the user a clear, comprehensive overview of their finances.
‍

The solution

With data automatically enriched by our machine learning models, gini was able to build a fully functioning Saving Goals feature that resonated with users and increased engagement.

The new feature automatically calculates a monthly OK to Spend amount by subtracting the user’s total monthly expenses (past and upcoming) and Savings Goal from their total monthly income. It also has a traffic light system that warns users when it’s time to reign in their spending.
‍
None of this was possible without first enriching the transaction data with accurate merchant names and categories.

The challenge

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 address this — 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.
‍

The solution

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. The best part is, gini’s technology is easily accessible as a SaaS solution on AWS Marketplace, avoiding the need for lengthy tech stack integration processes.
‍
Soon, 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 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.

Contact us to find out more about our digital banking data solutions

Find out how data enrichment can help you build better PFM features

Open banking in 2020: Are you ready?

Open banking is primed to become the new norm in Asia Pacific. But, as our research report shows, the majority of bankers in the region are not sufficiently prepared for what’s coming.

It’s time to get smart on what open banking is and how it’s expected to impact the market this year.

gini's original research report on open banking in Asia Pacific for 2020

Download the research report

Download the open Banking 2020 research report by gini

We interviewed more than 300 finance and technology thought leaders across Asia on the industry’s readiness for open banking this year, with surprising results.

Download our Open Banking 2020 research report to find out:
‍
∙ The opportunities in store for all participants
∙ The barriers to adoption
∙ Who is expected to benefit most
∙ How institutions can generate revenue from open APIs
∙ And more

How our Savings Goal feature increased engagement

Case study

gini’s new Saving Goal feature successfully increases engagement

Jun 29, 2020

Latest posts

Blog

Finding a way around legacy infrastructure

In the rush to digital, banks are still being held back by their legacy infrastructure. Our CTO Ricardo Mota shares his perspective on how banks can overcome legacy system obstacles to profit from new technologies now.

Blog

Survey shows 66.7% feel their bank should be doing more to improve online services during the pandemic

Our recent consumer survey showed 66.7% of respondents feel their bank should be doing more to improve online services during the pandemic. Read on to discover the main consumer pain points banks should be paying attention to now.

Blog

Why Covid-19 is the best thing to ever happen to banks

Banks are currently accruing the biggest losses of their entire existence. At the same time, the shock of the Covid-19 pandemic is jolting the finance industry out of its inertia. Our CEO Ray Wyand shares his perspective.