Data Enhancement Product Updates: Maximizing Geolocation and Merchant Coverage

Raw transaction data is often messy, vague, or convoluted — causing more confusion and concern for customers and leaving you to make business decisions based on incomplete or inaccurate information. That’s why data enhancement should be a critical part of any financial institution or fintech’s data strategy. 

MX’s Data Enhancement leverages machine learning, multi-stage data cleansing, and additional rule-based logic to transform raw transaction data. We take data from messy and confusing to enriched, easy-to-understand datasets. With Data Enhancement, you can open up new opportunities to improve experiences, deliver on customer needs, and drive growth. 

And, our Data Enhancement solution just got its own wave of enhancements to deliver even more value for you and your customers. Over the last few months, MX has rolled out a number of improvements to expand the features, functionality, and experiences available. 

These upgrades include machine learning for merchant identification, geolocation, and new repeating transactions: 

Machine Learning: Geolocation

Increasing our geolocation coverage is one of the most foundational improvements made to Data Enhancement this year. With geolocation, financial institutions can access geographical insights into where their transactions occur — giving them new ways to segment audiences and deliver the right offers and messages to the right customers. 

Although geolocation has been an aspect of Data Enhancement for years, machine learning has powered a dramatic increase in the number of transactions with physical location information. Being able to distinguish between in-person and online transactions helps drive more accurate spending analysis, fraud detection, and personalized financial insights. 

Machine Learning: Merchant Coverage

Data Enhancement has delivered a dramatic uptick in merchant details coverage with artificial intelligence and machine learning. We now have access to more than 633,000 total merchants, with thousands more being added each day. This increased merchant coverage means nearly every transaction is clearly labeled and categorized for consumers, ensuring they understand every transaction in their history. The addition of new merchants also increases the geolocation coverage.

Repeating Transactions API

Financial institutions can now gain better visibility into consumers’ repeating transactions so they can help them plan ahead for expenses like recurring bills and subscriptions, as well income deposits. When combined with MX’s Personal Financial Management solution (coming later this year), consumers will also be able to access unparalleled insights into their transactions and finances as a whole. This is just scratching the surface. At MX, we are already thinking about new models to gain better (and more accurate) insights into other recurring transaction types. 

These are just a few of the latest enhancements to Data Enhancement to deliver even better outcomes for financial providers and consumers. Data Enhancement can level up the customer experience and drive retention with more simplified, centralized, and transparent transaction management.