Yodlee (YDLE), the cloud-based platform driving innovation in digital financial services, today announced new Yodlee Transaction Data Enrichment service for its platform to improve data intelligence, cross-sell, and digital marketing.
The platform service sorts all banking, credit and debit card transactions into categories based on specific merchant, merchant type and geographical location. As a result, consumers can more easily identify transactions and get a handle on their spending. Also, financial institutions and digital innovators gain more visibility into spending patterns and trends to better identify opportunities and meet consumer needs.
The new Transaction Data Enrichment service leverages Yodlee's long history of data collection and consolidation to advance its proven categorization capabilities and make Yodlee's digital platform and APIs the first to intelligently leverage merchant and geo location identification for statistical clustering analysis on a broad transactional scale for financial transactions. This service includes merchant identification, geographic location, advanced categorization, and simple "pure language" transaction descriptions.
"Without simple and accurate transaction data, financial institutions and fintech companies miss out on the opportunity to leverage consumer data to more accurately understand and market to customers," said Eric Connors, SVP of Products at Yodlee. "Yodlee's Transaction Enrichment Data service provides richer data and deeper insights into spending behaviors and trends to enhance data marketing and digital customer experiences."
With highly integrated big data platforms quickly becoming the norm, the ability to access and analyze high-quality financial data is a key element for the future of financial services. However, bank transaction data has traditionally been extremely difficult to understand, let alone analyze. Current data collected by banks for merchant transactions often contain routing information that is a series of disparate letters and numbers. In many cases this causes consumers to not recognize their own transactions, which can result in higher call center volumes and charge backs –a manual and costly process for banks.
With this intelligent Transaction Enrichment Data service, Yodlee's data platform automatically scans raw, unsorted credit card and transaction data and uses powerful analytical algorithms to identify each transaction's recipient, merchant type and geographical location. The platform then replaces the confusing records with clean, sorted descriptions, which can be organized by category to let consumers see how much they are spending at different merchants, in different areas or at different types of stores.
Benefits of Yodlee's Transaction Enrichment Data Service Include:
Easier and faster fraud detection
Reduced customer chargebacks
Reduced call center volumes
Deeper insights into consumer purchase behavior
More relevant and targeted promotional offers
Better insight into transaction trends enabling more informed spending decisions
This is the latest of several recent data-related enhancements to Yodlee's platform, which powers nine of the top 15 American banks and more than 750 companies worldwide.