Data Enhancement
Garbage to Gold
Chances are, you aren’t making the most of your transaction data. With MX, you can change that. We clean, categorize, and classify transaction data — delighting your end users in the process.
Cleanse
When your users can’t understand a transaction description, they don’t get upset with the vendor or the card provider. They get upset with you. They dial in to your call center and drain your employee’s time. MX helps you prevent this problem by cleaning all descriptions.
Categorize
Your users are looking for help with their finances, but they don’t want to spend a lot of time keeping track of their spending habits. By adding automatic categorization to your transaction feeds, you help these account holders better manage their money, improve user loyalty, and drive revenue growth.
Classify
With MX, you can see which of your users’ transactions are classified as bill pay, direct deposit, fees, and more — giving you the ability to target end users with precision. For instance, you might target account holders who use bill pay with your competitor to use bill pay with you (amping up your bottom line).
The Proof
A top 100 US financial institution wanted to test categorization accuracy rates from multiple vendors, including MX.
To do this, the institution ran 5 million transactions through each vendor’s system and then analyzed the results. The results showed that MX reached categorization accuracy rates of over 90 percent, which was 30 percentage points higher than the closest competitor.
Building a foundation for
Tomorrow's Innovation
With the ability to clean, categorize, and classify all transaction data, you lay the foundation for what comes next — whether that be more intelligent data analytics platforms, smarter marketing, or next-generation mobile banking.
See the MX platform in action.
Ask for a demo today.