Created by: Emilian Siemsia | 29 May 2024

Understanding financial transactions – how does Transactional Intelligence work?

The more you know about your customers and their financial health, the better business decisions you can make. Any information about your customers’ spending habits and transactions allows you to understand and predict their behavior and, in consequence, drive more revenue. 

However, to make the proper use of information, you need to make sure that the data is complete, reliable, and up-to-date. This is where Planky’s Transactional Intelligence comes in – let’s introduce an easy-to-follow tool that has already helped dozens of businesses in making accurate data-based business decisions.

What is data enrichment and why is it important?

The volume of data that needs to be processed and used is very often challenging for most brands. From the infrastructure to budget, companies tend to struggle with storing, managing, and making sense of their data assets. Enriching data means unraveling meaningful patterns, identifying hidden trends, as well as better understanding both customers and competitors. Simply speaking, data enrichment means taking raw data points and merging them with similar data points in a larger database.

Data enrichment is enhancing the value of data with already existing information. The process uses various sources to add more information and improve the value of data by providing more insights. It is one of the key ways to optimize business efforts and improve sales. Of course, there are many enrichments that can be applied to data – from making sure that date formats from various data are standardized, to the implementation of language translations and building new dimensions from the data.

Why is data enrichment so important?

Data enrichment helps businesses know more about their users without asking them for extra information. You can easily verify someone’s identity and reduce risk without increasing user friction. From a business perspective, data enrichment is especially helpful while moving to a new market, trying to keep up with trends, starting a new business, as well as reducing fraud rates.

What is Transactional Intelligence?

Designed by Planky, Transactional Intelligence is a handy platform that allows you to get information about your customers’ credibility and financial health in one click. It enables you to stay up-to-date with all financial trends and patterns and, at the same time, get alerts and notifications to monitor any anomalies. The tool is equipped with a whole library of metrics with data based on underlying transaction information directly from the bank. It comprises five dimensions such as recurring incomes, recurring expenditures, fixed expenditures, financial credibility, flexible expenditure, and financial liquidity.

How does it work?

Transactional Intelligence allows you to enrich your already existing data using over 150 metrics that were designed for finance-related businesses such as lending companies. Among the others, it provides you with:

  • Cashflow summary where you can easily and quickly monitor data such as customer’s affordability, income, balance fixed, and flexible costs.
  • Income and expenditure analysis that helps you track historical, average, and predicted values to make the most out of credibility analysis. 
  • Top recurring transactions metric that provides you with a detailed overview of recurring transactions in the last 12 months. 
  • Financial markers for credit repayments and loans analysis.
  • Financial indicators that allow you to create real-time flags based on key account activities.
  • Events and Alerts with instant notifications based on crucial account behavior.
  • Balance history & forecast where you can monitor income and expenditure amounts and sources. 

The most important benefits of Planky’s Transactional Intelligence

Using Planky’s tool can revolutionize the way you look at your customers’ financial assets and transactions. This is what you can count on while choosing Transactional Intelligence:

  • Improved accuracy of already existing data. The tool turns raw data into actionable and valuable information. The enriched data is contextual so you can quickly detect anomalies and missing fields.
  • Better understanding of your customers – you get access to transactional data such as customers’ incomes and expenditures. At the same time, you provide your customers with more customizable tools which improves customer experience
  • Better customer targeting. You can build more precise customer profiles, based on demographics, income sources, and spending behavior. This also leads to increased sales and revenue.
  • Cost optimization and increased efficiency. Transactional Intelligence streamlines processes and automates tasks so that you can optimize and manage inventory better and reduce operational costs. 
  • Speed. Machine Learning algorithms analyze millions of data points instantly. You can process data from multiple sources at once.
  • Increased revenue. With Transactional Intelligence, you can accept more applications. You don’t spend time on customers that are unlikely to pay. Therefore, you increase revenue and at the same time, the risk of fraud is reduced.

Increase your revenue with Transactional Intelligence 

Data enrichment is now one of the hottest topics in the financial industry. Companies have been doing their best to remain competitive and one of the most common ways is the implementation of innovative technologies to their operational tasks. Data enrichment allows them to dive deeply into customers’ profiles, enabling them to tailor and customize their offers. Planky is now one of the most advanced alternatives. Transactional Intelligence allows you to get detailed knowledge of your customers’ credibility and financial health to provide a better user experience and offer them improved targeted marketing. Interested in enriching your data?

Try Transactional Intelligence.

Transactional intelligence Data enrichment