What is Data Enrichment?
Data enrichment is a collection of endpoints that utilizes machine learning to provide a detailed analysis of transactions on your customer's account. Utilizing these endpoints, you can gain valuable insights into your customers' spending habits, better understand their financial behaviour, enhance financial decision-making, and streamline processes.
The three main endpoints in this collection are:
Statement insights: This lets you analyze the transaction data on a financial account for a specific period, and retrieve detailed account insights like the total credits and debits, income patterns, recurring inflow and outflow transactions, and more. (Here are the guides and API documentation for this endpoint. This article clearly explains what this endpoint entails).
Transaction categorization: This allows you to automatically categorize users’ transactions (inflow and outflow) to understand what they spend their money on and the purpose of each transaction on their account. (Here are the guides and API documentation for this endpoint. This article clearly explains what this endpoint entails).
Transaction metadata: This helps you update all transactions on a linked customer account with the appropriate transaction metadata, and retrieve key details like what payment method and payment processor they used, the recipient’s name, the transaction reference number, and more. (Here are the guides and API documentation for this endpoint).
How can I get access to Data Enrichment?
As a business registered on Mono, once you have access to Mono Connect, you can make API calls to the data enrichment endpoints. Here's an article outlining the pricing of the data enrichment API endpoints.