February 15, 2022
Why Choose Snowdrop for Accurate Transaction Data Enrichment?
Are you looking to transform your messy, confusing transaction and payments data into clear, easy-to-understand insights? Do you want to improve the user experience for your consumers and provide better payment services? If so, this article is for you.
Snowdrop’s Merchant Reconciliation System (MRS) enables you to create clear, compelling experiences. Our user-centred solution uses highly accurate search capabilities to enrich ambiguous transaction data that can be embedded in a range of features for your customers such as better bank statements, real-time notifications, location-enabled loyalty programs and sustainability tracking.
This means that you can:
- quickly enhance the experience for your customers
- remove concerns and anxiety caused by ambiguous data
- save your organisation time and money by decreasing the number of chargebacks and customer support queries.
One traditional bank, for example, deployed MRS for its UK customers and saw a drop of over 30% in the number of calls to the call centre within the first few weeks resulting in significant savings over the course of the year.
traditional uk bank
Read more Succcess Stories like this one
Read more Succcess Stories like this one
Today banks, payment providers and even cryptocurrency and loyalty firms are deploying such services. Built in the UK and Spain, Snowdrop’s MRS is global in scope: during the last four years MRS has managed billions of transactions across more than 100 territories with our growing network of customers including Visa, Standard Chartered Bank, Hugo Save, Cashplus, Dozens, Wirex, Rebellion, Nickel and many others.
What about building this service yourself?
Building an in-house solution may be a discussion in your organisation. Indeed, many large banks have a strong “do-it-ourselves” approach. The idea of creating a massive database of merchants across a vast number of territories in different languages, formulating unique business rules and controlling the whole solution end-to-end may sound like an appealing challenge to developers.
That said, building a solution from scratch is most often not a viable business decision. Such an approach means that your team is not developing the core services to support your unique proposition in the market. The upfront and ongoing resources to maintain, update and fix merchant information, wrong addresses, manage logos and other details is time-intensive and costly. Why dedicate months of scarce technical and legal resources to solve a problem that can be solved in just a few days with a proven, scalable and easily customisable solution?
When working with Snowdrop:
At Snowdrop, we’ve worked hard to make transaction enrichment easy enabling your teams to focus on other unique features in the roadmap. MRS is an API powered by Google Maps and Google Cloud. It is highly accurate, reliable and deployable with little resources required from you. We manage the tricky names, addresses, logos, icons and related issues for you. Our dedicated team can create custom rules to tailor the solution to your specific requirements and any quirks in your data. With Snowdrop, you have a full range of hosting and support options that eliminate the task of maintaining a complex system. This means you can focus instead on creating great user experiences and gathering the deep insights you need to compete in a rapidly evolving market.
Once set up, Snowdrop can also accelerate your roadmap with enhancements, extensions and integration of third-party datasets. Through our deep partnerships with Visa and Google, we share the latest product updates and best practises not only from our work in financial services but from other key sectors such as real estate, travel and transportation. By working in a collaborative manner with our customers, we share what works best for mapping and visualising experiences backed up by deep insights and analytics about consumer behaviours.
If you’d like to see what a partnership with Snowdrop can do for you, please get in touch by filling the form below. We’d love to hear from you!
Want to know more?
Snowdrop Solutions currently works with leading digital and traditional banks in Europe, the UK and Asia Pacific. Snowdrop is a location and data intelligence company that has been a Google Trusted Partner since 2013 and Visa Europe since 2020. MRS brings together our deep understanding of the Google Maps APIs, a proprietary database and a second to none matching algorithm. We offer superior match rates and accuracy to any of our competitors and a unique customer centric approach that, other than transaction enrichment, provides cost savings and churn reduction to our clients, over and over.
If you want to know more about our product, you can access more information on our dedicated MRS page or by contacting us. A member of the team will respond to your request promptly.