Enterprise banking software program firm Zafin has launched Transaction Enrichment. The brand new functionality transforms uncooked transaction information into wealthy, contextual insights that can allow banks and different monetary establishments to ship extra personalised experiences to their clients.
“Transaction Enrichment is foundational to delivering true personalization in banking and is an integral a part of a long-term technique to enhance buyer relationships and personalised service,” Zafin CEO Charbel Safadi stated. “Our strategy is extra than simply information enrichment. It allows banks to maneuver past generic affords and have interaction and reward clients in ways in which mirror their each day behaviors, monetary objectives, and full relationship with the financial institution.”
Transaction Enrichment is a key element in Zafin’s effort to supply monetary establishments with the instruments they should enhance buyer loyalty and construct a basis for relationship banking. The aptitude transforms uncooked transaction data into contextualized data utilizing 70 expense and revenue classes, service provider logos, clear service provider names, service provider web site hyperlinks, and extra. The know-how contains an adaptive accuracy engine that helps construct confidence through machine studying fashions that adapt repeatedly to new inputs and patterns, in addition to suggestions loops that leverage human perception to make sure accuracy.
Zafin’s know-how is presently deployed with UAE-based Industrial Financial institution Worldwide (CBI). The monetary establishment has used Transaction Enrichment as a part of its technique to supply a extra intuitive and personalised digital banking expertise for its clients. Transaction Enrichment facilitates on-line transaction categorization and supplies spending insights to assist the establishment’s clients achieve a extra complete understanding of their spending and larger management over their monetary lives.
“Enhancing our transaction information has helped us ship a clearer, extra intuitive digital expertise for our clients,” CBI Chief Technique & Innovation Officer and Head of Ventures Giovanni Gavino Everduin stated. “It goes past transparency—it’s about laying the muse for deeper personalization and fostering a brand new form of loyalty constructed on on a regular basis habits.”
Zafin made its Finovate debut at FinovateFall 2017 in New York. Within the years since then, the Vancouver, Canada-based fintech has partnered with most of the world’s prime banks together with ING, CIBC, HSBC, Wells Fargo, PNC, and ANZ. Zafin additionally works with regional and mid-market banks to assist them improve pace to market, scale back operational complexities, grow to be and stay compliant with related rules, and strengthen buyer engagement.
Photograph by Claudio Schwarz on Unsplash
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