How an Australian-first partnership became an industry standard
Experian Look Who's Charging and NAB
The Challenge
Some months, a glance at your credit balance can make you spill your coffee. Why was my August balance double my usual total? It could be that car service, a particularly busy month of birthdays or a new home insurance premium. But traditional bank statements can make it hard to see where your money went, particularly where transactions appear on your statement as being made to an unfamiliar company (for example, the KFC restaurant in Fairfield appears as RSJ FAMILY PTY LTD SYD).
Australian banks receive millions of calls each year querying the origins of transactions, and more often than not the banks have no more information to work with than the customer. However where it is established that the transaction has not been made by the customer, the result is an inconvenient and costly chargeback process, and in some cases the cancellation and reissue of the customer’s card.
In 2017, NAB decided it was time for a change and time for a better level of granularity in transaction information available to customers. NAB considered this would help customers understand their spending, better manage their finances and give customers the ability to more effectively self-serve. Self-serve capabilities would also allow customers to review transaction information at a time suitable to them, without relying on contact with the bank during operating hours. So, NAB became the first bank in Australia to partner with FinTech Experian Look Who’s Charging, to provide their customers with easily identifiable transaction data.
The Solution
From first meeting to market in record time
NAB had a clear goal in mind, and Experian Look Who’s Charging had the expertise and solution to reach that goal. This shared vision and a commitment to their partnership helped expedite implementation ensuring the technology was in market within a matter of months.
NAB customers no longer have to decipher cryptic statements. Instead, they are shown a recognisable merchant name, location and a meaningful spending category. As a result customer calls to the contact centre to query an unrecognised transaction have reduced by as much as 10%. The bank has also been awarded various awards for their use of the technology, including Money Magazine’s Most Innovative Banking Feature and the Best Bank/FinTech Collaboration award at the Annual Australian FinTech Awards.
Stuart Grover, Experian Look Who’s Charging Co-founder and CTO, said “Australians waste millions of hours trying to figure out who has charged their card. Our work with NAB means that their customers can have the information they need at their fingertips.”
Results
- Bank statements are easier to understand for customers.
- 10% reduction in calls relating to unrecognised transactions
Solutions
“NAB and Look Who’s Charging have grown together. As Look Who’s Charging has evolved their offering, we’ve evolved our ability to support customers with new tools and services. Our partnership has empowered a better banking experience for our customers and demonstrated the potential for large enterprises and start-ups to collaborate to create great customer experiences.” - Emily Nicholas, NAB Head of Digital Enablement
A catalyst for innovation
This year, financial wellbeing is top of mind for many Australian consumers and businesses alike. Experian’s recent Global Insights Report has revealed that since COVID-19 the number of Australians cutting back on discretionary spending has more than tripled and the number of Australians canceling subscriptions or memberships has more than doubled. Australian businesses are also facing challenges, with over a third indicating they need to adjust operations to better support customers. Banks are looking to innovate further to give customers better visibility over their spending and to add additional features to self-service models. NAB’s partnership with Experian Look Who’s Charging has accelerated these innovations.
NAB’s new ‘Spending’ tool is one such example. Enabled by Experian Look Who’s Charging’s data enrichment, the tool helps NAB’s customers better understand where their money is going, making it easier to monitor a budget and savings plan.
“As a bank, a core competency and focus is providing customers with financial services and products to suit their everyday needs, which is why our partnership with Look Who’s Charging is an important one. Our priority is to improve the experience for our customers and the data enrichment provided by Look Who’s Charging is a key enabler to improving the customer experience.”
– Emily Nicholas, NAB Head of Digital Enablement