How FIs can use data to drive customer financial wellness and personalization

Looking beyond receipt basics to predict purchasing trends and insights into consumer spending.

In my previous blog post, I shared why it’s important for financial institutions to use data in a digestible way to make personalized recommendations for their customers. Now that I’ve shared why that’s important, I want to share how we actually pull together data and tangibly use it to make relevant and actionable insights. 

Financial Institutions (FIs) can’t always rely on their gut to make assumptions about their customers singly based on where and when someone buys something, and frankly, they can’t afford to. FIs need to be able to access helpful data about their customers so that in turn, they can provide helpful recommendations and services. 

FIs have typically struggled with personalization in the past, but how can we expect FIs to provide personalization if they don’t have the data in the first place? (...we can’t)

👋  That’s where we can help! 

Sensibill has amassed a database of receipts and transactions from 220,000 merchants worldwide. We have extracted more than 6 million unique SKUs across 32 different countries, developing more than 6,000 unique product categories. Now that’s a lot of data! 🤯 

We’re able to surface information so that FI’s can use it to better understand their customers. This directly supports efforts to boost customer loyalty and retention. Empowered with this knowledge, FI’s can tailor their offerings and communications, allowing them to be more proactive and personal in every single customer interaction. And what customer wouldn’t want that? 👏 Customers get SO many messages in a day, whether it emails, social media, text, from friends; FIs need to cut through the clutter if they want to reach their customers.

Using SKU data to reveal spending trends, personalization opportunities 📈

Knowing the customer data is only one piece of the puzzle. 🧩  Once FIs have the information, they need to apply this by creating personalized offers and recommendations for their customers. Here are some examples of how to do this:

  •  🐾  In Canada, the overall average consumer spend for pet products increased by 117% ➡️ seeing a customer’s increase in pet product spend and recommending pet insurance 

  • 🏠  The average consumer spend on home renovations has increased by 14% since the pandemic started ➡️ an increase in home renovation related spending might be a good time to recommend higher-valued home insurance or an increased line of credit to use towards renovation purchases 

  • ✈️ Travel Consumer Spend in the US increased by 121% since the onset of the pandemic ➡️ recommending travel insurance or travel rewards credit cards

Those are just a few examples. You’re starting to get the picture 🖼️

👀 Looking for more consumer spending insights?

We're working to make financial services more human by revealing insights into everyday-spend that can be used to truly personalize financial services. In doing so, we want to help people achieve their unique version of financial wellness. It all starts with a receipt. 

In our next blog post, I’ll chat about how to leverage data to make actionable insights and how we build the Sensibill Barcode Report every month.

Looking to get more out of your transaction data? Contact us to see how SKU-level data can help transform your digital experience.

Priyanka Mukherjee
Product Data Analyst

While completing her Master of Business Administration, Priyanka fell in love with data. At Sensibill, she uncovers customer spend insights through algorithms, data analysis, and visualization. Outside of work, you can find Priyanka trialing a new recipe, watching a thriller on Netflix, or teaching her cat to do some new tricks!

Priyanka Mukherjee

Product Data Analyst at Sensibill

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