January 18, 2022

Digital Payments: putting the focus on the Customer Experience

Putting the focus on the customer experience

Retail banking behaviours continue to evolve. With an increase in usage of the mobile device and apps as a “control tower” for their daily activities, consumers are changing the way they interact with banking services.

Today, consumers are likely to use contactless card payments or an embedded card in a digital wallet to carry out a payment. And once the payment has gone through, customers have far higher expectations of information and insights from their banking providers. Gone are the days of receiving a monthly paper statement – instead they want instant notifications to their connected devices and access to far richer data about the merchant and the transaction when they check their transactions or balance.

Richer information is key for clarity. It provides customers with the comfort that they are still able to see where and when their cards are used. Such transparency and immediacy can help reduce fraud and servicing costs for the bank provider. Moreover, what was initially seen as a new service differentiation some years ago in the UK is now a “must-have” basic capability for any digital proposition. According to a recent report by KPMG, 56 percent of British consumers now interact with brands via technology. In other words, transaction clarity with clear brands is an expected core feature and has been essential to help leading fintech providers quickly build trust and loyalty.

These core features, however, are not just limited to the consumer’s front-end digital experience. The underlying data sources, often based on poor quality merchant data, must also be improved.

Indeed, poor data quality often causes customer confusion, concern and in many cases unnecessary calls and queries to a bank’s help desk. As a result, many banks today seek to enrich transaction data through solutions like Snowdrop’s own Merchant Reconciliation System or MRS.

As a location-enriched API, MRS enables fintechs, banks and loyalty providers to create clarity for their consumers. By transforming messy transactions into clean information, data can be tailored to meet the needs of each client. With MRS, it becomes possible to provide transaction enrichment solutions that are easy to integrate. Banks that implement the MRS system benefit from savings in customer service costs, improved customer experience, retention, and loyalty.

Evolution of payments: integrating MRS

With better access to information and a clearer understanding of digital transactions, modern banking platforms offer an excellent consumer banking experience. This is where transaction data enrichment comes in. Data enrichment entails using an API solution like MRS that uses clean merchant details and turns messy payment transaction data into enriched transactions for a greater user experience.

With over 8 years’ experience, and over 18 billion APIs provided to clients, Snowdrop Solutions has built a substantial database of over 200 million places of interest that can provide immediate solutions for clients. Our expert understanding of merchant data allows us to collate transaction data, merchant records and enrich it through other data sources, including Google Places, to provide a rich, reliable experience for our clients and their customers in a wide range of digital features.

Want to know more?

Snowdrop Solutions currently works with leading digital and traditional banks in Europe, the UK and Asia Pacific. Snowdrop is a location and data intelligence company that has been a Google Trusted Partner since 2013 and Visa Europe since 2020. MRS brings together our deep understanding of the Google Maps APIs, a proprietary database and a second to none matching algorithm. We offer superior match rates and accuracy to any of our competitors and a unique customer centric approach that, other than transaction enrichment, provides cost savings and churn reduction to our clients, over and over.

If you want to know more about our product, you can access more information on our dedicated MRS page or by contacting us. A member of the team will respond to your request promptly.