What is transaction data?
For any bank, retailer, payment service provider or other financial institution concerned about the customer experience, transaction data is your goldmine. Each payment transaction that travels across your self-service networks and payment processing environments can provide powerful answers to questions such as:
- Are customer transactions completing as expected?
- Are our cards and service offerings aligning to customer needs and habits?
- Are we fulfilling customer cash and payments needs – any time, any place?
- Are we reacting to anomalies and detecting suspicious card activity fast enough?
- Are we meeting regulatory compliance around monitoring customer transactions?
In today’s complex networks, digital transactions continue to increase, leading to some Big Data challenges. One customer interaction is often made up of sub transactions – many moving parts between a start point such as the ATM or other self-service device, and the end point, such as the host authorization. These moving parts could include things such as transaction switches, firewalls, service applications or host security models. When INETCO talks about transactions, we talk about all the data collected on an end-to-end transaction path, correlated into one, complete transaction.
Why transaction data?
Banks, retailers and payment service providers are adopting real-time data platforms, such as INETCO Insight, because they help overcome the performance and volume challenges of high velocity data. Access to real-time transaction data makes it easy to continuously monitor every transaction from a service and fraud perspective – all from one platform. By further making it easy to acquire payments data across all channels – ATM, POS, Digital Banking – data is ready to continuously feed machine learning models, adaptive analytics and various applications of choice.
With INETCO’s real-time data platform, organizations can now gain the ability to:
- Improve end-to-end customer experience across all banking & payments channels
- Reduce transaction failures by >25% to deliver more consistent services across all banking channels
- Decrease cost-to-serve through faster troubleshooting, research & consolidated tools (65-75% faster MTTR)
- Optimize real-time data collection across all payment processes and payment related systems
- Create independent transaction audit and compliance trails without adding latency or impacting switch performance
- Centralize data and collaborate in a timely, cost-effective way – accessible by any application or team that needs it
- Detect and prevent payment fraud with real-time risk scoring, firewall blocking and instant detection of transaction anomalies
Who uses transaction data?
IT operations and channel systems teams use real-time transaction monitoring and data acquisition platforms, such as INETCO Insight, to quickly isolate and resolve performance issues leading to major service disruptions. They benefit from one stop, end-to-end visibility into all the digital banking data they need to manage their transaction networks in a timely, cost-effective way. A variety of data access options makes it easy to feed this data to any application or team that needs it.
Channel managers and business analysts use real-time customer transaction data to feed on-demand analytics products, such as INETCO Analytics. With omni-channel business intelligence, channel managers and business analysts gain a customer-centric view of how their self-service banking channels, payment processing and card service provider environments are being used. They can use granular transaction message fields to gain the visual insights needed to better serve existing customers, acquire new ones and enhance profitability.
Payment fraud management and security teams use real-time payment data acquisition, rules based alerting and adaptive machine learning capabilities found within solutions such as INETCO Insight to score fraudulent transactions in milliseconds and to stop them before the damage is done. By improving speed and precision, they can quickly adapt to new fraud techniques, identify and address new threats immediately and take action to reduce false negatives associated with customer frustration – all while saving banks money and reputation.