Enterprise banking software program firm Zafin has launched Transaction Enrichment. The brand new functionality transforms uncooked transaction information into wealthy, contextual insights that may allow banks and different monetary establishments to ship extra customized experiences to their prospects.
“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 customized service,” Zafin CEO Charbel Safadi mentioned. “Our strategy is extra than simply information enrichment. It permits banks to maneuver past generic provides and have interaction and reward prospects in ways in which replicate their each day behaviors, monetary targets, 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 increase buyer loyalty and construct a basis for relationship banking. The potential transforms uncooked transaction data into contextualized data utilizing 70 expense and earnings classes, service provider logos, clear service provider names, service provider web site hyperlinks, and extra. The expertise contains an adaptive accuracy engine that helps construct confidence by way of 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 expertise is at present deployed with UAE-based Business Financial institution Worldwide (CBI). The monetary establishment has used Transaction Enrichment as a part of its technique to supply a extra intuitive and customized digital banking expertise for its prospects. Transaction Enrichment facilitates on-line transaction categorization and supplies spending insights to assist the establishment’s prospects 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 prospects,” CBI Chief Technique & Innovation Officer and Head of Ventures Giovanni Gavino Everduin mentioned. “It goes past transparency—it’s about laying the muse for deeper personalization and fostering a brand new sort of loyalty constructed on on a regular basis conduct.”
Zafin made its Finovate debut at FinovateFall 2017 in New York. Within the years since then, the Vancouver, Canada-based fintech has partnered with lots 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, turn out to be and stay compliant with related laws, and strengthen buyer engagement.
Picture by Claudio Schwarz on Unsplash
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