Data enrichment is rapidly growing in the banking industry, with financial institutions increasingly relying on data to make informed decisions about their operations, customers, and products.
As the expectations of consumers shift beyond a customer-centric experience, classifying transactions accurately and efficiently becomes critical to any banking system. It is the key to understanding the customer’s past and future behavior.
Strands Data Enrichment
Strands has been at the forefront of data-driven banking for years, developing innovative solutions that enable financial institutions to upscale their processes and elevate the financial wellness of their customers.
That’s why we have now released a section of our website dedicated to Data Enrichment, showcasing our extensive expertise in data science, artificial intelligence and financial data enrichment.
How does it work?
Our flagship hybrid categorization engine and merchant tagger enable worldwide financial institutions to seamlessly categorize 90 million transactions every day. Multi-source financial data, such as banking data or open finance data, is constantly cleansed, normalized and attributed crucial information.
Next, our advanced Data Enrichment mines the recurrences within the transactions to define customer behavior and provide them with an optimal overview of their scheduled payments and subscriptions. And that’s not all: it also promptly alerts them when a transaction is off norm.
The data-journey continues with customer behaviors’ being analyzed in real time, and transformed into personalized dashboards with highly accurate predictions, such as credit scoring, cash-flow alerts, saving goals, fraud detection, and more.
Endless benefits for banking customers
With Strands Data Enrichment, end users have full control over their finances, and feel fully backed up by a reliable partner in their financial management.
They can access their transactional data in a clear and intuitive interface, then developing markedly improved awareness of their spending. With a future view of their financial situation based on predictive models, they are supported in their next best action at all times.
Interested in our data-driven financial wellness? Check out the dedicated section of our website: