Financial institutions (FIs) have had many reasons to consider the benefits of investing in receipt data solutions. These range from fighting friendly fraud to helping their merchant partners personalize their loyalty programs, potentially increasing sales. Another driver is FIs’ hope to increase customer engagement through hyper-personalized offerings assisting consumers with spending behavior insights. Correctly implemented, receipt data can piece together separately purchased items that could fall under different categories, such as healthcare and food bought during a single grocery trip, and offer a granular look that helps FIs make more accurate spending recommendations.
Receipt data’s potential is a bit of a self-fulfilling prophecy, however, as found in proprietary research prepared for PYMNTS’ March collaboration with Banyan, “Meeting the Need for Item-Level Receipt Data.” The FIs most ready to implement receipt data tools into their consumer-facing offerings are also the most likely to fully recognize its potential. The report found that nearly 40% of surveyed FIs expect receipt data to improve customer experiences and engagement. And the perceived impact is meaningful: a nearly equal share believes not implementing receipt data tools could lead customers to other FIs that do.