Co-designing a path to PFM
In collaboration with their major banking clients, Data Action leveraged Experian Digital, powered by Experian Look Who’s Charging to change the way transaction data appears on their clients’ digital banking applications.
Now, consumers can click on unfamiliar transactions to access more meaningful information – including a trading name, location and category of purchase.
The solution marks a key step on Data Action’s roadmap to delivering more holistic PFM capabilities. This long-term goal was the core driver, but the collaboration with Experian Digital has had immediate benefits too.
“Our clients love to put the power of banking into the hands of their customers,” said Data Action’s Kevin Atkinson, Product Manager Staff Channels (Core Banking and CRM). “We see the integration of Experian Digital’s data as a key stepping-stone towards being able to give our clients deep and holistic insight into their spending habits, from categorisations to predictions, and ultimately allowing them to better manage their money.”
David Washbrook, General Manager and Co-founder of Experian Look Who’s Charging at the time added, “There are enough things to worry about in these uncertain times, and a transaction you don’t recognise shouldn’t have to be one of them. Experian Look Who’s Charging allows customers to easily see where every transaction was made and to who. That takes the guesswork out of unrecognisable transactions and prevents calls back to customer service.”
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A mutually beneficial collaboration
Experian Digital’s technology was integrated in record time, with the banking applications of seven leading mutual banks including Bank Australia, Qudos Bank and Credit Union SA, a task that wouldn’t have been possible without the Data Action partnership.
In addition, alleviating administrative pressure on internal teams has been crucial in a year where customer queries have significantly increased and work practices have been disrupted, allowing Data Action’s clients to focus on better supporting their customers who really need financial help.
With over 7 billion transactions processed per month, a 98% match rate and accurate, in-depth detail on up to 50 transactions provided in less than 35ms, you can understand bank statement data fast