![]() With this level of insight, banks can deliver more personal, timely service that better secures their relevance in customers’ lives. Such information can indicate if a customer is starting a business and needs a business account, if they’re going to college and need a student loan, or if they’re starting a family and might need a 529 account. These details can reveal major life-stage events, values and lifestyles, and payment-preference patterns. “SKU-level data derived from receipts reveals rich information, including merchant, items purchased, date and location, and form of payment. For FIs, this means providing access to products and services that meet your customers’ needs right now, where they are at this stage, and where they’re headed.īy using your customers’ everyday spend data to understand them on a deeper level, you can provide the most relevant, highly targeted, and financial wellness-focused insights to them-doing this at scale based on spend insights and segmentation. Instead, they seek solutions that cater to their specific needs, helping them achieve their own version of financial wellness. You have the power to personalize-quickly and at scaleĬustomers don’t want just any product, and they definitely don’t want irrelevant financial advice or solutions that don’t serve them. It helps that you already have this type of data, thanks to long-standing customers that have been banking with you for years (and using your digital tools to do so). One customer could benefit from a line of credit and robust savings account for a child’s future college fund, while the other could probably use a points-based credit card or cashback rewards card for all of her travel purchases. Traditionally, their bank would offer these customers the same or similar financial products, because the data they have access to doesn’t go deep enough to suggest that both customers are unique.īut what if the bank could extract data from both customers’ purchases, right down to the SKU-level, that showed one customer is a new father who recently purchased a new home with his partner? Or, that the other customer is a new grad student who travels for her thesis program and regularly purchases travel accessories? Such details can provide a better understanding of brand loyalties, life stage events, behavioral data, and psychographics, providing a more holistic view of customers and their timely financial needs.įor example, let’s say two customers recently spent $100 at Walmart, and both customers bank with the same FI. Partnering with an SKU-level data expert can reveal key insights from receipts such as the items & SKUs, taxes and tips, off-card spend, and return & warranty information. While this information is a start, institutions need to dig deeper, leveraging alternate data to help them better know and understand their customers. Transaction data gathered from purchases can tell you limited information such as the merchant and the total purchase amount. Amex may be able to share the higher-level data from receipts and purchases, but that doesn’t tell the whole story for your customers. ![]() Big tech may be more digitally savvy and millennial-friendly, but they don’t have the wealth of customer data that you do. ![]() Around the same time, Google relaunched Google Pay to become an all-encompassing financial app-including the ability for users to upload and interact with receipts, where the Google Pay app will crawl Gmail and Google Photos for receipts.įor financial institutions, this may seem a bit overwhelming with big tech like Google and Square coming for your customers’ data and moving into digital receipt solutions, how could you ever hope to keep up? Your FI already has the data-now, you need to do something with itįinancial institutions are currently sitting on massive piles of data and often struggle to find ways to make it actionable and meaningful for their customers. In late 2020, Amazon announced its Amazon Shopper Panel, a program that pays consumers for uploading their receipts for non-Amazon purchases. This isn’t the first time in recent months that larger, consistently more digital-focused companies like Amex have stepped into the receipts and fintech game. The launch signals Amex’s goal of helping customers better understand and confirm their spend-with high-level data like merchant name, order number, items purchased, and cost. Image credit: Sensibill Customers want more transparency and insight into their purchases and spend than banks are giving them-something Amex is cashing in on alongside big techĪmex recently announced its launch of Digital Receipts in a bid to give its customers more insight into their purchases and card statements.
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