Drive Meaningful Digital Insights and Interactions with Enriched and Simplified Transaction Data
Consumer transactions are the most insightful data that institutions can harness to learn about their customers. Yet, financial transactions are often unintelligible, cluttered with letters, numbers, and symbols that make it difficult for financial institutions to use the data to understand and connect with customers. Consumers also find it difficult to identify their own transactions, leading to increased customer support calls and high labor and fraud research costs.
Uncover the meaning behind the transactions.
Envestnet® | Yodlee® Transaction Data Enrichment changes the game by turning ambiguous transaction information into clear, contextualized data, allowing financial institutions to extract deep insights into customer needs and behaviors and enabling them to improve the customer journey and drive more meaningful interactions.
With Envestnet | Yodlee Transaction Data Enrichment, consumers not only see a clear merchant name, date, and amount, but they also get additional context—including a simple description of the transaction and category. The information is categorized and contextualized based on the learnings from billions of transactions contained in the Envestnet | Yodlee Financial Data Platform.
Because consumers can interpret the intuitive transaction descriptions on their own, the clarified data can reduce call-center and fraud-chain costs. The data can also be used to understand customer spending and saving habits, payment preferences, share of wallet, and even what financial services are best suited for specific customer segments. Empowered with enriched and contextualized data, Yodlee Transaction Data Enrichment makes it easy for your sales, marketing, and other internal teams to identify cross-sell and upsell opportunities, target the right customers with relevant and timely campaigns and promotions, deliver personalized financial advice, and engage with customers in a more meaningful way.
Leading the Industry in Data Enrichment
As the leading aggregation platform that owns the aggregation process from acquisition to delivery, Envestnet | Yodlee’s aggregation process incorporates over 16,000 data sources across 17 countries and touches over 21 million active users. This unique combination of breath and depth provides Envestnet | Yodlee with the largest, most comprehensive data coverage in the industry. When paired with our sophisticated machine learning techniques, the result is a highly enriched set of digitized transactions which leads the industry in transaction categorization accuracy.
Yodlee Transaction Enrichment is available through Envestnet | Yodlee’s fully hosted FinApps® and API, and can also be delivered through the Data as a Service (DaaS) file-to-file method. Contact us to learn more.
- Machine learning and data science algorithms provide the most accurate classifications and clear, concise, easy-to-use transaction data
- Enables real-time, predictive, and actionable insights about consumer needs and behaviors
- Clear, contextualized data can be leveraged to deliver personalized financial advice and increase accuracy of chatbots or voice-enabled assistants
- Insights from the data can be used to craft more relevant, timely, and personalized offers to increase response and conversion rates
- Provides rich insights into customer share of wallet and spending behavior
- Clarifies unidentifiable purchases and decreases support and fraud research costs