Sun. Apr 14th, 2024

Payment data enrichment is a growing trend in digital banking. Optimizing for data and increasing the quality of the data you collect on customers unlocks a whole new world. However, For most banks, this is a problem. Most customers report a poor online experience with their banks, creating frustrating experiences and high bounce rates.

So what’s the solution? The most obvious candidate: payment data enrichment, where you enrich customer data from disparate sources such as customer transactions, transfers, bill payments, subscriptions, and so on. Lunedata.io does a great job at transforming raw transactional data into meaningful insights, helping the end consumer make smarter financial decisions.

At the core of any digital banking strategy is the desire to create a unique experience for customers. Digital banking is driven by data enrichment to build accurate, relevant, and real-time information to help transform customer’s lives for the better

So how can payment data enrichment help you to boost customer loyalty?

Anticipating their needs

To keep up with the data-driven world in which we live, you should know where your customers have been, anticipate where they are going, and figure out how you can better improve their lives. With payment data enrichment, you can easily get a sense of what interests your customers and what they’re actually looking for.

For example: let’s say it’s wintertime and a big chunk of your customers enjoy outdoor activities like karting, archery, horse riding, and padel tennis. If you know this about them, you can create a seasonal credit card that allows customers access to all of these activities for a certain annual fee.

Reducing Friction

One thing is for sure and that is the fact that customers are looking for a frictionless user journey from start to finish. Financial institutions can make their customers’ lives easier by helping them check account statements and enhancing what they see in real-time. 

Imagine going through your monthly statement and not having any idea what the transactions are. You might have to call the bank and wait on hold, use a chatbot, look for support or log in to the desktop website instead of the app hoping for more clarity. That’s extra hassle.

If you provide a minimal, simplified record of their transactions, you’ll probably reduce friction and increase satisfaction and retention. I mean, who wouldn’t want that?

Insights

By gaining more insights into your customers, you can stay on top of their preferences. This allows you to discover their interests, purchase behaviors, and even what they intend to buy, which means crafting services that are more relevant and desirable to them.

Personalization

Wouldn’t it be great to know which customers will always pay full price, and which ones will only buy if they can get a deal? That way you can focus your attention on the customers who are most likely to buy from you. By offering a personalized experience, you’ll be able to better connect with your clients, nurture your bottom line, attract clients through better incentives, and make sure customers are satisfied.