So the typical financial services provider in Nigeria is looking for ways to create sustainable enterprise value. For such an FSP that has a mobile banking application, one concern is how to sweat that asset is what in the world is all of this and how does it move the needle for the regular FSP looking for ways to create enterprise value in this period of a pandemic.
Chances are that the keys to creating new enterprise value are in the customer data, which FSPs already have by the way. FSPs have access to tons of customer data that can be processed to improve customer experience and deliver superior enterprise value. Essentially, with the amount of customer data FSPs have, they can keep their customers happier and generate better returns in the process. Happy customer = cash register ringing = happy bank.
One technology that can easily be deployed to create superior value from customer data is transaction categorization. Transaction categorisation identifies the purpose and context of a bank transaction. This could include using algorithms to identify the context of keywords within transactions and allotting categories to these keywords. Categorization forms the main base for understanding account transactions and personalising solutions to FSP customers. With categorisation, every customer transaction data tells a story of a specific opportunity for both the customer and the FSP.
Okay let’s keep this simple. When FSPs know the spending profiles of customers, they are able to know what solutions to upsell and cross-sell them. This is a win-win for both the FSP and the customer. For the customer, categorised transactions give them an intelligent and intuitive view of their spending patterns and for the FSPs, this creates natural customer segments built on how people spend money.
What’s more, FSPs can better target their customer rewards to these spend segments for marketing optimization.
How to get started
There are 5 very simple steps for solution integration.
Step 1: Log into admin account
Step2: Get sandbox credentials
Step 3: Review our documentation
Step 4: 3 lines of code to complete integration
Step 5: Migrate to production
KliQr has built big data computing capabilities that can categorise large sets of data to generate actionable insights that support decision making. You can send us an email at firstname.lastname@example.org and we will love to take this journey with you.