Financial transactions are hard to read for end users, and in many instances the descriptions are ambiguous, which makes it difficult for users to recall the transaction when it shows up on bank or credit card statements. Envestnet | Yodlee's Transaction Enrichment tackles this problem by augmenting consumer financial transaction data by categorizing the transactions, adding a simple description, merchant name and geolocation based on the learnings of millions upon millions of transactions contained in the Yodlee platform.
“Until now, financial institutions have struggled with delivering the personalized context needed to provide insight into purchases. Envestnet | Yodlee Transaction Data Enrichment enables developers to clearly contextualize transaction data and offer a more customized and engaging online banking experience through web and mobile apps. For the first time, Envestnet | Yodlee is offering data enrichment technology through a fast and efficient DaaS model.” - John Bird, VP of product marketing and alliances
The new solution uses advanced machine learning, and Yodlee will bring contextualization to financial transactions to help consumers better understand their spending habits. The solution identifies the merchant, category and geolocation of the transaction so that both the consumer and the banks and finapps they use can know exactly what was spent, where and on what – removing ambiguous charges that can tie up support teams while they try to sort it out with the consumer.