Experian has announced the introduction of two new digital solutions in New Zealand, aimed at revolutionising the banking experience for customers by addressing the issue of confusing transaction descriptions on bank statements.
The new technology replaces cryptic transaction descriptions in digital banking apps and bank statements with recognisable merchant information, including brand names and logos. This system is already widely used in Australia, where it has been adopted by over 30 banks and serves more than 10 million customers.
The two new services being introduced in New Zealand are Transaction Enrichment and the Merchant Search Portal. Transaction Enrichment is designed to provide instant clarity on bank statement data, giving customers real-time insights into their spending. The Merchant Search Portal enables banking customer service teams to instantly clarify merchant information behind a transaction.
Experian's technology is expected to enhance the customer banking experience by reducing call centre enquiries by up to 50% and decreasing chargebacks by up to 25%. In Australia, Experian processes over 7 billion transactions per month, with its API offering a match rate of more than 96% and providing accurate, detailed information in less than a second.
Simone Jemmett, General Manager of Experian Digital and Head of Strategy at Experian A/NZ, said, "We’re excited to launch these two innovative solutions in New Zealand and further help transform the digital banking experience in the region. While the technology behind our Transaction Enrichment and Merchant Search portal is commonplace in markets such as Australia, for New Zealand, it is not. This launch enables banks in the country to demonstrate their commitment to improving customer experiences."
The launch comes at a critical time for New Zealand's banking industry, as the NZ Commerce Commission has recently called for increased competition, greater banking innovation, and investment in technology to improve customer experience. By providing these new services, New Zealand banks will be able to unlock the power of their data to understand customer spending habits instantly, thereby reducing transaction-related queries and the associated operational costs.
In addition to aiding banks in identifying merchants, Experian’s Merchant Search Portal also provides tools for call centre staff to assist customers with managing or cancelling subscription payments. This feature is expected to further enhance customer service and reduce the burden on bank call centres.
These solutions are part of Experian Digital's broader strategy to innovate and improve the banking experience by leveraging advanced technologies. The company aims to enable banks to integrate these new systems seamlessly via a simple API, making it easier for them to adopt cutting-edge technology and improve overall customer satisfaction.
As New Zealand banks begin implementing these new solutions, the anticipated improvements in efficiency and customer satisfaction could set a new standard for digital banking services in the country, aligning with global trends and customer expectations.
