Zafin Reveals Transaction Enhancement, Transforming Data into Valuable Decision-Making Information
In the ever-evolving world of finance, Zafin's Transaction Enrichment capability is making waves by transforming raw transaction data into valuable, contextual insights that offer a deeper level of personalization for banks and financial institutions. This AI-driven feature, which made its platform debut at platformFall 2017 in New York, is fully integrated into Zafin’s modular platform, providing banks with the tools to deliver more intuitive and personalised digital banking experiences.
The Transaction Enrichment capability categorises transactions, offering spending insights that increase customer visibility into their financial habits and control over their activity. By using 70 expense and income categories, merchant logos, clean merchant names, merchant website links, and more, this technology facilitates online transaction categorisation and provides spending insights to help customers gain a more comprehensive understanding of their spending and greater control over their financial lives.
Zafin's Transaction Enrichment goes beyond generic offers, enabling banks to design tailored, behaviour-driven rewards and loyalty programs that directly connect enriched transaction insights with product, pricing, and loyalty strategies. This innovative approach to loyalty and relationship banking, built on everyday customer behaviour rather than generic incentives, fosters deeper customer engagement and lays the foundation for modern loyalty and relationship banking.
Commercial Bank International (CBI) in the UAE is one such bank that has embraced this innovative approach. By using Transaction Enrichment as part of its strategy, CBI provides its customers with a clearer and more intuitive digital banking experience, emphasising transparency, personalisation, and loyalty built on actual transaction behaviour.
Zafin's CEO, Charbel Safadi, explains that this approach goes beyond data enrichment, enabling banks to engage and reward customers based on their daily behaviours, financial goals, and full relationship with the bank. CBI's Chief Strategy & Innovation Officer and Head of Ventures, Giovanni Gavino Everduin, concurs, stating that enhancing transaction data has contributed to a clearer, more intuitive digital experience for their customers.
Since its debut, Zafin has partnered with many of the world's top banks including ING, CIBC, HSBC, Wells Fargo, PNC, and ANZ. In addition to helping banks unlock loyalty and accelerate innovation by turning transactional data into actionable, personalised insights, Zafin also works with regional and mid-market banks to help them increase speed to market, reduce operational complexities, become and remain compliant with relevant regulations, and strengthen customer engagement.
The technology includes an adaptive accuracy engine that uses machine learning models and feedback loops to ensure accuracy, ensuring that banks can rely on the insights provided by Transaction Enrichment. With this capability, Zafin is not just transforming the way banks operate, but is revolutionising the banking industry by offering a more personalised, intuitive, and loyalty-driven digital banking experience.
The Transaction Enrichment capability not only categorizes transactions and offers spending insights in digital banking, but also empowers banks to create personalized, behavior-driven rewards and loyalty programs, thereby fostering deeper customer engagement and shaping the future of modern banking through technology and finance.
Zafin's innovative approach to digital banking, as demonstrated by its adaptive accuracy engine and partnerships with top-tier banks like ING, CIBC, and HSBC, is not only transforming the way banks function, but is playing a pivotal role in revolutionizing the industry by offering a more personalized, intuitive, and loyalty-driven banking experience.
