Product insights

The more digital we become, the more online services, subscriptions and recurring payments we need to keep track of, as they become integral part of our daily lives. From streaming platforms and cloud storages to monthly fitness memberships and car payments, these automated transactions offer convenience, but at the price. Without accurate transaction data presented in a user-friendly way, managing them becomes a financial challenge - both for consumers and banking institutions.

For any digital banking platform to work well, transaction data needs to go beyond a simple list of payments. After all, if you can’t do the most important thing right, the rest doesn’t really make sense. Modern customers expect their financial institutions to provide clear, contextual, and visually engaging transaction details that make understanding their finances simple. Let’s explore the crucial data points and features that shape top-tier transaction details in digital banking and transform raw data into meaningful financial insights.

With technology slowly progressing, data is starting to be at the heart of every transaction, decision, and strategy within banking. Whether it’s recommending financial products to users or automating decision-making processes, banks rely on data to understand their customers and provide a seamless experience. But what happens when the data is inaccurate?

Personal Finance Management is designed to help consumers track their spending, set budgets, and achieve their financial goals, but in the past years, it has become much more than that. Digital banks like bunq or Tomorrow are starting to offer additional features to help customers see how their spending affects the environment around them. We are talking about checking your carbon footprint with a breakdown of spending categories, savings pockets or category restrictions for better control of your finances.

Today, convenience and instant access to information is what makes or breaks the service. Banking has transitioned from paper statements and bank tellers to seamless digital experiences. A bank's primary touchpoint with its customers is through transaction detail – a very core of financial transparency and personal finance management. But what makes transaction details insightful and why do they matter so much?

For many decades, credit scoring has built the foundation of financial risk assessment and provided banks and other financial institutions with a quantitative view of a borrower's creditworthiness. Traditionally, credit scores are derived from a combination of factors that include payment history, credit utilization, the length of credit history, types of credit used, and recent credit inquiries. These data points offer a very narrow window into the financial behavior of a borrower and often lead to misjudgments in lending decisions. A modern answer to this is smart data. Or, more precisely, enriched data.

Chargebacks are an important tool providing clients with the ability to dispute transactions and reclaim funds. These happen when a client contacts their bank to reverse a transaction, often because they believe the transaction was unauthorized, fraudulent, or incorrect. Chargebacks themselves also present significant challenges for merchants, banks, and fintech companies, often resulting in substantial financial losses. And the rise of digital banking has only magnified the importance of efficient chargeback management. With many automation tools available, banks need to understand that prevention is often the cheapest and smartest option available, making clear payment history more important than ever.

Developer experience (DX) is all about making tools and services easy to use, well-documented, and supportive of developers' needs. A positive developer experience leads to:

The way we handle financial transactions has evolved significantly. Despite the advancements in technology, many banks still struggle with proper categorisation – a stepping stone for almost all of digital banking. Most banks rely on Merchant Category Codes (MCCs), which often result in a large portion of transactions being basically "lost in translation". This lack of granularity can lead to missed insights and underwhelming customer experiences.

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Every project in the digital banking market begins with a solution capability check. A concept that helps financial companies find the best solution for a specific use case while cooperating with the data enrichment provider that is most suitable for their needs.

Learn about the importance of data quality as you enrich transactional information and discover how to turn it into actionable insights

Discover the strategic importance of allocating a budget for Mastercard AN 4569 compliance. Enhance user trust, mitigate risks, and gain a competitive edge in digital finance.

Explore the pros and cons of in-house development vs. third-party solutions for Mastercard AN4569 compliance. Make the right choice for your business's payment data enrichment journey.

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Discover essential strategies for banks to meet Mastercard mandate AN4569. Optimize compliance and get the most out of this requirement.

Discover the strategic importance of payment data and how it can provide valuable insights into daily customer behavior and needs.

Data is the most valuable commodity of the 21st century, and its importance is growing daily across industries. Finance and payments are good examples of this. Find out what the new Mastercard Mandate means for banks and fintechs.

Have you ever hesitated to go into a car dealership for fear of being mobbed by hungry salesmen? Bank account holders feel the same way about banks that are too aggressive with cross-selling efforts. Rather than taking a scatter-shot approach that catches customers in the crossfire, banks should target those customers who might buy the product.

We all use enhanced data every day, often without realising it. Google's autocomplete feature, for instance, relies on data enhancement to provide users with a more intelligent search experience.

Data is the key to understanding the customer and the long-term success of any business, so it's no wonder it's a sought-after commodity. Accurate and detailed data not only unlocks the door to further business growth, but also increases customer satisfaction.

In today’s fintech era, it’s crucial to understand how we can use our customers’ data to make better decisions and understand their needs more deeply. But how exactly can we use this data, what types of data do we have and what can we get out of it?

How do you improve your digital banking app? Data is a key resource in this regard. Through data enrichment and subsequent analytics, banks can gain a deeper understanding of their customers, optimize their operations and come up with new opportunities for their customers. In this article, we will focus on leveraging the underlying data from MCC codes and enriching it. This knowledge is one of the pillars of the success of neobanks like bunq or Revolut, so don’t be left behind.

Tracking financial flows is one of the key elements of banking, and payment data enrichment is becoming an increasingly important tool for banks to improve their services and minimise risk. In this article, we look at why it is so important in banking and how to get started.