Source: Experian
Experian, the global information services company, has announced the launch of two Experian Digital solutions in New Zealand, to help kiwi banks to innovate their customer banking experience by tackling the challenge of confusing transaction descriptions on bank statements.
The technology, which replaces cryptic transaction descriptions in digital banking apps and banks statements, with recognisable merchant information, such as brand names and logos, has become common place in banking apps throughout Australia across more than 30 banks and more than 10 million customers.
As part of the New Zealand launch banks will gain access to two new Experian services: Transaction Enrichment, a solution engineered to provide instant clarity on bank statement data, and Merchant Search Portal, a tool that enables banking customer service teams to instantly clarify merchant information behind a transaction.
The solutions enable customers to gain real-time insights into their spending, while banks can reduce costs through lower call volumes and chargebacks. In Australia, Experian processes over 7 billion transactions per month and Experian’s API provides a match rate of more than 96% and accurate, in-depth details in less than a second.
The launch of Experian Digital’s solutions comes at a pivotal time for New Zealand’s banking industry, with the NZ Commerce Commission recently calling for more competition, greater banking innovation and investment in technology to improve customer experience.
The Experian Transaction Enrichment solution enables banks to unlock the power of data to instantly understand what, where, and how much customers are spending. Through these real-time insights, banks can reduce call centre traffic and “transaction not recognised” related queries by up to 50%, decrease chargebacks due to unrecognised transactions by up to 25% and seamlessly integrate with existing systems via a simple API.
In addition to providing merchant identification technology, Experian’s Merchant Search portal also provides call centre staff with information to assist customers with managing or cancelling subscription payments.
“We’re excited to launch these two innovative solutions in New Zealand and further help transform the digital banking experience in the region,” said Simone Jemmett, General Manager of Experian Digital & Head of Strategy at Experian A/NZ.
“While the technology behind our Transaction Enrichment and Merchant Search portal is commonplace in markets such as Australia, for New Zealand it is not. This launch enables banks in the country to demonstrate their commitment to improving customer experiences.”