Hong Kong fintech gini is now making its data-enrichment information available via Amazon Web Services (AWS) Marketplace.
This is the first such service available on AWS Marketplace, meaning a financial institution can purchase and deploy it to its private cloud, without need for additional infrastructure.
gini’s solution cleans and structures data in real-time, matching each transaction to a specific merchant, category and location. The enrichment engine was built as an extension to gini’s original and ongoing business as providing a personal-finance app.
“Currently, banks are dealing with poor quality, unstructured data because their legacy systems are not designed to capture and process data efficiently,” said gini co-founder Ray Wyand. “While banks look to fintechs for help, most solutions require off-premise data storage, which is a regulatory nightmare.”
Banks need quick, private data solutions that deliver quantifiable results at a low price point. “That’s what we set out to deliver with this new version of our solution,” Wyand said.
This lets banks run gini’s enrichment technology in their private cloud, without the data leaving their protection. This also avoids the need for lengthy vendor onboarding and tech stack integration processes that can take years. With a subscription-based pricing model charging for usage only, at a minimum price of US$357 per day, gini’s is the lowest priced solution on the market.
“This is another step towards our goal of helping banks deliver digital user experiences that make finance easier for everyone,” said Ricardo Mota, chief technology officer at gini. “Our enhanced solution on AWS simplifies the procurement and delivery process for banks from beginning to end. It delivers high quality transaction enrichment up to 27 times faster than building a similar solution in-house. For banks running on the cloud, we can provide our expertise, and help their tech teams start delivering a return on investment quickly.”
Why high-quality transaction data matters
An estimated 10% of customer calls and in-branch visits are transaction-related queries. “The problem is, transaction data in its raw form consists of routing information, holding company names and disparate letters and numbers, making it difficult for both customers and banks to understand,” Wyand said.
“Clear, understandable bank transactions are the foundation for better digital customer experiences. Data enrichment has the added benefit of reducing a manual, costly chargeback inquiry process for banks, which can cost as much as HK$1,000 per chargeback,” he said.
There is a wide array of use cases for transaction enrichment. Benefits include:
- Reduced transaction query-related call center volume and branch visits by up to 10%
- Reduce customer chargebacks
- Faster fraud detection through more transparent transaction data
- Increased customer loyalty through better user experiences and richer personal finance features
- Richer insights for a deeper understanding of consumer behavior
- More effective marketing with precision-targeted promotions