Nymbus, a provider of banking technology solutions, announced a new partnership with data and analytics company Segmint to enrich Nymbus’ customer-based transaction data across its entire suite of banking products and services.
The content of merchant payment transactions is often cryptic and nondescript, making it difficult to distil into a merchant name. Segmint’s Merchant Payment Cleansing is a tool that allows financial institutions to better understand customer transaction behaviour and model spend patterns, turning complex and hard to use data into actionable insights for enhancing customer experiences, analytics and modelling investments.
To date, Segmint’s automated process combined with the granularity of human scientific research has scrubbed more than 20 billion customer transactions to deliver merchant name and levels of merchant categorisation; this process produces highly accurate results with specificity on the data.
‘Translating data towards creating better banking experiences is important to both banks and credit unions’, said Larry McClanahan, Chief Product Officer at Nymbus. ‘Segmint applies an end-to-end data strategy that aligns with our shared vision of combining the people, process and technology required for meaningful innovation. Bringing their data-driven insights and analytical toolkit to our business operations further validates Nymbus’ commitment to digital transformation and growth on behalf of financial institutions.’
‘Our data cleansing services lead the industry in speed, accuracy, and scale, giving our clients data analytics usage and the ability to model spend patterns. We also add ‘real humans’ to the process which ensures that the quality of our data lives up to the absolute highest standards,’ said Adam Craig, President of Segmint, Inc.
Nymbus has transformed the traditional banking model to keep financial institutions relevant as consumers demand contactless payments, digital platforms and personalised experiences.
‘As Nymbus adds to their growing list of clients, our foundational partnership will be the catalyst in bringing ground-breaking developments around actionable use cases, financial management, and the structured personalised experiences that consumers demand in this new digital era’, said Nate Shahan, Chief Product Officer for Segmint.
