Case study

It’s now easy to have great data, loyal customers and lower costs

Case study

It’s now easy to have great data, loyal customers and lower costs

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
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Find out how data enrichment can help you build better PFM features
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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
gini's data enrichment solution is now available on AWS Marketplace

It’s now easy to have great data, loyal customers and lower costs

By
Ray Wyand
on
Jul 8, 2020

We’re thrilled to announce that our data enrichment technology is now available as an online software solution on 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, giving banks full control over which instances are exposed to the internet and which remain private.

You spoke, we listened

In the last 8 months, we spoke to more than 40 of the world’s largest financial institutions about their data needs. While they’re all very aware of the need to make better use of their data, they face a major obstacle: their legacy infrastructure is hard to work with — and even harder to replace. On top of this, regulations are strict, and multi-year projects don’t work when KPIs must be achieved within 3 months. In this environment, quick wins are big wins

No banker has said they want another big data consultant who charges upwards of HK$1 million a year and takes 12 months to deliver results. No client asked for another data aggregation provider who delivers unpredictable results through an API that stores data off premise (which also requires year-long approval processes). 

What they did tell us is that they need a quick, private data solution that delivers quantifiable results at a price point even the most scrupulous CFO would struggle to object to. 

And that’s exactly what we built.

So, what does our data solution do? 

In one click, our data enrichment engine makes your transaction data usable. It takes those crazy long, unintelligible transaction codes hated by your DevOps, UI/UX and data science teams, and matches them to recognisable merchant names, categories and locations.

gini's data enrichment solution is now available on AWS Marketplace
gini’s data enrichment tool transforms unintelligible transaction codes into clear descriptions with recognisable (and bilingual) merchant names, categories and locations.

This gives you a nice clean dataset that reveals exactly how, who with and where customers are spending. 

Banks have tested our engine and seen merchant identification rates of 85–95%. We can deliver these rates because our machine learning models have been trained on more than HK$32 billion worth of transactions across more than 35,000 merchants in Hong Kong. 

All this is achieved without changing legacy systems and without any data going off premise, at a price point that’s 90% cheaper than our nearest competitor (you know who you are 😉).* 

Also, we don't insist on fixed contracts. Try out our software subscription solution on AWS for 10 days, 100 days or 3 years — it’s all good. Less risk for you, and more incentive for us to stay on top of our game and earn your trust. 

Here’s a few of the many ways our technology helps you profit from your transaction data:

*Price calculation is based on minimum spend. gini only charges for what you use, rather than locking you into year-long contracts.

Give your customers what they want, and they’ll love you for it

Your customers need to know exactly where their money’s going. They shouldn’t have to decrypt their own bank statements. They want you to help them understand their finances. 

It makes no sense to show the name of the holding company (“Yedpay * Star Street 1 Hong Kong”) of a restaurant they ate at (“Mana!”). The simplest and most effective way to win the loyalty of your customers is to present their information in a clear, understandable way. You’ll be surprised what a difference this makes. 

Just look at UpBanking, Monzo and LunarWay. These challenger banks market their data enrichment aggressively to consumers, and guess what? It works. We’ve seen it with our own app too, which now has more than 65,000 users, most of whom found us by word of mouth. There is a huge service gap here that traditional banks could be — and should be — filling.

Check out this case study about an enrichment-powered PFM feature that resulted in 7.4 times higher engagement.

Stop spending millions on easily avoidable chargeback inquiries

An estimated 10% of all calls and branch visits are about transaction queries. Every time a customer disputes a transaction, it launches a chargeback inquiry that costs you HK$1,000 minimum. Imagine how much time and money you’d save if your customers could understand their transactions without your help.

In other markets, banks using enriched data (with the merchant’s “doing business as” name) have reduced unnecessary transaction queries. Even if you’re a mid-sized bank, you’re looking at shaving off HK$80 million in chargeback costs with just this one simple change

How much money you could save in a year with gini's data enrichment preventing chargeback inquiries
*Assuming 10% of customers make one chargeback inquiry costing HK1,000 each a year. gini's data enrichment solution is expected to prevent at least 40% of chargeback inquiries and resulting costs.

Sell more stuff

It’s not just your call centre that will gain cost efficiencies with our data solution. Your credit card marketing department will benefit, too. So much time and effort is wasted promoting credit cards to the wrong people, at the wrong time. 

This is where you need to tap into your greatest advantage: transaction data. It holds all the intelligence needed to identify exactly who is ripe for which credit card, when. And listen, smarter targeting doesn’t have to involve complex automation models that take years to implement and learn. We know you need a solution that delivers quantifiable results quickly. 

Take, for example, this co-branded BOC-ExxonMobil credit card. With enriched data, BOC’s credit card department could set up a simple trigger for holders of other credit cards who spend on ExxonMobil, service stations, auto-repair shops, etc. These transactions could trigger a promotion for the credit card via email, direct mail, a retail offer or even a targeted landing page. 

It can really be that straightforward — and that powerful — at the same time.

Catch criminals, reduce fraud 

We’re not stopping at helping you please your customers, gain efficiencies and generate more revenue — we’re helping you cut crime as well. Here’s a real world example:

Vincent checks his bank statement at the end of the month as he always does. This month, he saw several transactions he didn’t recognise, but the amounts were relatively small and since he never understands his statement fully anyway, he didn’t do anything about it. 

Then he tried a spending-tracker app with enriched data that shows merchant names, and suddenly it was clear: those transactions were for an airline he’s never flown on. He called the bank immediately.

Reduce fraud with gini's transaction data enrichment solution

The bank discovered that his card had been accessed by a criminal syndicate whose MO is to book airline tickets with other people’s cards, then resell the tickets online to clueless participants, who only find out their ticket is fake when they arrive at the airport, ready to fly.

There are millions of Vincent’s out there. Give them the tools they need to protect their hard-earned money, and make your life easier in the process.

Just try it!

Seriously it’s super easy. Go to AWS Marketplace and click “Subscribe”. It’ll spin up an instance with our data enrichment on it, and whatever you use will be added to your existing AWS bill. 

If you aren’t quite ready to jump in, but you’re curious to learn more about how data enrichment can fast-track your user engagement and cost-saving initiatives, get in touch today.

gini's data enrichment technology is now available on AWS Marketplace


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