What is Transaction data enrichment?
Transaction data enrichment, in short, will help you have a better customer experience. But what does that exactly mean and how is it linked to a better experience? On this page, we will get more into the nitty-gritty of what transaction data enrichment is, why it’s needed in the first place and why you should be looking at implementing this in your business.
To translate in layman’s terms, enrichment works like this: transaction data is a record of what your customers have bought online or in-store. It can tell you what’s your customer’s favorite brands or which products and services you sell most often – basically, it includes everything that will help you deliver the best experience and personalized marketing offerings for your customers.
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What’s the challenge for most companies?
The challenge for transaction data for most companies (especially banks and financial institutions) is that transaction data is complicated and there are lots of gaps between what the customer actually purchased and what’s shown.
For example, how many times have you seen a bank statement which shows you a list of transactions and a value for each transaction, with the proper logo in a simplified design?
Not often. A simple AED 25 Starbucks coffee purchase might show as “ALSHAYAA GROUP1890” This can make things difficult for customers, who may have to contact the bank to know what they purchased, or for the bank, who may have to bear call chargeback fees and other operation fees
What can companies do to improve the customer experience while reducing operational expenses?
Financial institutions can use transaction data enrichment to help them tackle the challenge of making sense of raw data, and this is where companies like lunedata.io come in and provide a state-of-the-art transaction enrichment API that helps firms transform raw data into powerful insights.
Why is having a transaction enrichment API so useful?
- Reduce Chargebacks
- Reduce Operation Costs
- Improve Customer experience and the Journey Funnel
- Simplified Account Statements
- Identifying unknown Merchants
- Automated Reporting
- Built-in Analytics
The truth is, companies are trying to create a more seamless and natural customer experience with each passing year. To do this, they’re relying on a number of different tools, such as intelligent chat bots and geo-targeted advertising. Think of transaction data enrichment as another tool that can help companies create a better customer experience. In the near future, we’ll likely see even more companies using this technology in creative ways to improve their business processes.
