Data Categorization and Enrichment
Challenges in efficiently organizing and comprehending customer data within the broader context pose business risks and hinder the end-user experience by relying on traditional methods that are time-consuming and prone to errors.
Our Data Categorization and Enrichment engine is designed to convert raw transaction data into actionable insights. This provides customers with a new layer of understanding regarding end-user behaviors and spending patterns.
In addition to Transaction Categorization and Payment Partner detection, our Contract Recognition Service analyzes the complete transaction history of users to identify recurring spending patterns.
How it works
Categorization is a pivotal element for a broad spectrum of use cases, providing financial institutions, including banks and fintechs, with valuable insights into customer spending patterns and behaviors. It involves the systematic classification and organization of financial transactions based on their specific attributes, enabling the aggregation and analysis of data for various purposes.
Payment Partner Recognition verifies the payment counterparty of each transaction by cross-referencing against an extensive database of Payment Partners.
Contract recognition entails a thorough analysis of the user account's complete transaction history, identifying patterns such as payment partners with recurring similarities in transaction amounts within a specified range. Additionally, it provides insightful attributes of a contract, such as frequency, activity status, or contract category.