How to Create Personalized Apps with Transaction Data Enrichment

Are you looking to access transactional spending and geo-location insights for your financial app? In September this year, we launched a private beta program to combine transaction data with geo-location information to make app offerings more personalized. Thanks to all the Yodlee Interactive API partners who helped to improve and refine our proprietary artificial intelligence! Today, our team at Yodlee is thrilled to offer the new and improved Transaction Data Enrichment to FinTech innovators and Financial Institutions. Through this data enhancement, our platform gives you and your customers the ability to easily process and consume merchant transaction data.  In this blog, John Bird, Senior Director of Product Marketing at Yodlee, will explain how our Transaction Enrichment services can help to deliver meaningful and profitable customer experiences. John is responsible for the marketing of the Yodlee platform to financial institutions and startup financial technology companies. With more than 20 years experience in financial services technology, John’s passion is delivering new and innovative products designed to transform the way people manage their finances. 1. What is Yodlee Transaction Data Enrichment?  Transaction Data Enrichment allows you and consumers to more easily process and consume merchant transaction data in an effort to better define financial purchase behaviors and track important trends, thanks to improved and more simplified transaction data. 2. What pain points and solutions does this enhancement address? With highly integrated big data platforms quickly becoming the norm, the ability to access and analyze high-quality financial data is the future of financial service. However, bank transaction data has traditionally been extremely difficult to understand, let alone analyze – with consumers and banks having to pick through the complexities of routing data. We’re introducing Transaction Data Enrichment focused on enhanced merchant identification, geographic location, and simple descriptions to our digital banking platform. The new enhancements mean all banking, credit and debit card transactions are sorted into categories based on the specific merchant, type and geographical location, allowing you to track the spending patterns and trends of consumers in order to better cater to their financial and consumer needs. 3. What are key benefits to digital innovators and end users? By adding enhanced information, you will be able to provide more relevant and meaningful interactions with your customers over time – leading to improved consumer engagement and satisfaction. Click here to see how it works. Value to digital innovators:

  • Provides actionable insight into spending trends
  • Allows operation teams to efficiently process data
  • Enables quicker time to market

Value to end-users:

  • Strong customer user experience
  • Easy scanning and tracking of purchases
  • Eliminates confusion over
  • Unidentifiable purchases

4. Can you provide examples of transaction enrichment use cases? There are several use cases for leveraging Transaction Data Enrichment to personalize financial apps. For example, simple categorization and descriptions for streamlined account view and statement presentations can be used to:

  • Create clear, timely, relevant and contextual offers and rewards
  • Develop opt-in offers based on your engine and customer shopping habits
  • Geo-locate offers with Yodlee Transaction Data Enrichment and your partners

In essence, our platform enhancement offers a clean user experience that’s critical for developing a seamless mobile and customer service experience. In addition, valuable merchant and geo-location information helps to drive insights on spending habits and opportunities for acquiring held away assets/liabilities. With enriched transaction data, you can make consumer recommendations more personalized – which leads to increased app usage, reduced service level requests and improved customer experiences. 5. How is this different from other financial data provider offerings? With this data enhancement, you can provide your consumers a quick and easy way to know how and where they spend their money. It allows you to offer enriched financial data and analysis in a more digestible manner versus complex transaction descriptions not easily surfaced on certain devices. Key features include:

  • Ability to determine spend by merchant – user and aggregate level
  • Merchant Identification with a focus on regional context based on insight into a consumer's previous transactions
  • Simplified transaction descriptions made consistent across data sources (think mobile real estate)
  • Links to industry sourced merchant database and other data – store locations, address info, etc.

Are you ready to start leveraging the power of Transaction Data Enrichment? If you’re a current customer, please contact your Yodlee account manager for details on how to upgrade. Otherwise, feel free to contact John Bird at jbird@yodlee.com with any questions. FinTech entrepreneurs, developers and Fortune 500 tech innovators: Click here to find out how to leverage merchant identification solutions. Financial institutions: View our data solutions and resources here. Our professional services team is available to help customize a solution based on your needs. We look forward to hearing from you!