Case study

Finding a way around legacy infrastructure

Case study

Finding a way around legacy infrastructure

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

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
Finding a way around legacy infrastructure | Header image

Finding a way around legacy infrastructure

By
Ricardo Mota
on
Sep 17, 2020

The pressure is on for banks to adapt to the current crisis and transform their operations to be highly efficient, data-driven and digital. 

However, the complex and brittle nature of legacy infrastructure continues to be a major obstacle to integrating new technologies. While partnering with fintechs can provide an answer to this, most fintech solutions require data sharing, which presents a regulatory nightmare for banks.

Our CTO Ricardo Mota shares his perspective on how banks can navigate around these obstacles and profit from the latest technologies without having to overhaul their entire infrastructure and without sharing any data.

Watch the video or read the transcript below:

Learn how to deploy our software directly to your private cloud instance via AWS | Find us on AWS

The biggest barrier to banking innovation

As CTO of a fintech, I spend a lot of time talking with banks on how to deliver massive value to their customers while increasing profit margins.

And all agree that partnering with fintechs is a great way to do that. 

But time and time again, the main obstacle ends up being integration, specifically data integration into legacy systems.

While we’ve seen a great deal of improvement recently, with more banks moving core systems to the cloud, the fact is, legacy systems take time to change.

On top of that, most fintech solutions require data access, which is a huge regulatory nightmare for banks, especially in countries where Open Banking is not a mandate. 

What banks really need 

At gini we’ve tried many options. What we found was that it all boils down to this:

Banks need a ready-to-go data solution they can plug into their existing services quickly and securely, without having to change their core systems and without having to share any of their private data. 

So how can we do that? 

The solution 

I’m glad to say we’ve found a way. We made our solution accessible through AWS.  

This way, any bank can subscribe to our data enrichment product on the AWS marketplace and deploy it to their private infrastructure within minutes. 

It operates as a microservice within the bank’s own systems, with no internet access, so the data cannot physically leave the bank's governance. 

The data is enriched in real-time, without any interference from us.

Here’s the exciting thing: our solution is designed to ride on top of legacy systems, so even traditional banks not on the cloud can use our data enrichment solution without having to physically move their data, or even retrain their employees.

3 key takeaways

  1. Banks can tap into the data they already have to deliver massive value to their customers and increase profit margins.
  1. They can partner with startups to help them on this journey. At gini, we’ve found a way to do it securely and to check all the boxes in risk and compliance.
  1. The cloud has all the scale, power and security banks need to be able to increase revenue streams and cut costs, all while bringing new solutions to market at lightning speed.

So, yes. We strongly believe that this is the future for the banking industry. 

And we’re thrilled to be part of the game.


Contact us

Latest posts