What is data enrichment and why is it so important?
Our COO Victor Lang explains data enrichment and why it’s so important for the finance industry today.
Watch the interview or read the transcript below!
What is data enrichment?
Transaction data is really valuable, but it’s a really difficult thing to make use of. Raw transaction data is essentially just a string of unintelligible text and numbers. It’s messy, it’s dirty, it’s unstructured.
Our data enrichment process uses powerful algorithms to match each transaction to a merchant, category, location and other attributes, helping banks and customers make sense of their own transaction data.
What problem does it solve?
Many people have difficulty knowing where their money goes. And one of the biggest reasons is that they don’t recognise the merchant names — the holding company names — that show up on their transaction statements.
For example, no one really knows what “RICH*JOY* (ASIA)” is, but if you ran that transaction through the gini data enrichment solution, you’d know that it’s a Teppanyaki restaurant. Or that “JB LIVE” is actually the famous Joe Bananas bar in Wan Chai that people often forget they went to on Friday night, and have to call [the bank] for clarification.
Knowing this information helps your customers understand their bank statements, so they don’t have to call you. And you, as a bank, get a much more accurate, much better understanding of customer spending behaviour.
Why is it so important?
Banks are facing an unprecedented challenge today.
All the intelligence they need to gain efficiencies, retain customers and drive revenue growth is hidden in the transaction data. But without enrichment, they can’t use it fully and they’re leaving money on the table.
gini’s data enrichment solution is the fastest, easiest way for banks to profit from their data today.