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Looking for a solution to data aggregation?
Points North • Aug 02, 2019
It is important to choose a reliable and secure data aggregation solution which provides you with the best data. If you manage to get financial data which is cleaned and enriched then you can make accurate assessments of the financial situation of your customers. Following are some of the things which you should look for while choosing a solution to data aggregation.
1. Depth and Breadth of Data
Companies which provide financial services need to access data with a lot of breadth and depth. It is more efficient to use a data aggregation solution which can extract data from multiple sources rather than just drawing data from one or two sources. When using a data aggregation solution, you also get to analyze and clean your data. Hence, you get to share it as a single source.
2. Data Clarity
Data can be cleaned and garbled code can be converted into something easy to read and understand. This practice is known as transaction data enrichment. This data then allows us to do effective data analysis which can help us better understand our customers.
This enables us to provide our customers with more convenient information. Call center and fraud chain costs can be reduced by the clarified data. This can also help you in understanding the customer saving and spending preferences, the share of wallet, payment habits, and even what financial services are the right fit for certain customer groups.
3. Speed and Simplicity
Speed and simplicity are the key requirements for an effective data aggregation solution. Through reduced integration costs, simplified coding, and shorter production timelines these improve the developer experience. Since data requests are handled as a single event rather than a cluster of API calls, therefore, data is retrieved much more quickly. Therefore, this reduces abandonment rates and shortens the customer on boarding process.
4. Artificial Intelligence (AI) and Machine Learning
Sophisticated data analytics are also required by the financial service providers which require a robust AI group and data science to enable that. AI allows you to create a new class of services, products, and business models. It also allows you to offer perspective, personalized, and predictive solutions to customers. Machine learning and AI can also be used for helping compliance with fraud detection and/or regulations. Machine learning allows you to learn what is the meaning of certain transactions and deciphering is done on its own. Hence, data aggregation can be provided at scale. The AI becomes smarter as more data comes in and it becomes much faster and better. Hence, data can be delivered in a cleaner form at a faster pace for all your customers.
If you are looking for a smart and effective Data Aggregation Solution
which meets all your requirements and needs then you should consider acquiring the services of Who’sWhere. If you want to schedule a meeting to discuss further details or contact us regarding any queries
then feel free to do so anytime. We are hoping to hear from you soon.
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About us
Points North, established in 1994, is a nationally recognized software company located in Duluth, Minnesota. The Points North team has been dedicated to providing companies of all sizes with the best compliance, reporting, and data aggregation solutions. We focus on learning about the needs of your company and customizing our products specifically for your requirements. Our products include ACA Reporter, Certified Payroll Reporting, Who’s Where, Attendance Advisor, and EEO Reporter. Through our partnerships, software, and customer support we create an experience that is seamless and predictable.
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