Get to Know your Customers through Payment Data

In recent years, the banking sector has become increasingly competitive with the incorporation of new technologies and the demand for quality digital service from new generations. Therefore, in order to stand out from the competition, the payment data enrichment has become essential, because it must be taken into account that each financial transaction provides the bank with valuable information about the habits, preferences and behaviours of its customers.

However, basic details of a transaction, such as amount and date, do not provide a complete picture of what the customer is really like. This is why payment data enrichment means going further, correcting errors in the information, adding layers of data and additional details that help to build a more complete customer profile, which can improve the bank’s sales strategy and profits.

One third of payments are misclassified

The payment data enrichment becomes even more important when we see that statistically one in three payments made in the world are misidentified... continue here