We're excited to introduce Data Enrichment, a new product to enable businesses that use Mono leverage transaction data to build more personalized experiences and deeper customer engagement.
Customer financial data is gold, and users understand this too. With instant access to their financial data and transactions (with their consent) comes the expectation for businesses to translate that understanding of their customer into real benefits, services that truly suit them, and tailored financial engagement.
The Mono Data Enrichment product adds value and insight to transaction data, and enables businesses to meet and exceed the expectations that customers have of modern financial services today.
What's in the Mono Data Enrichment API?
The Data Enrichment API features three endpoints that deliver granular insights from transactions, using Machine Learning models.
Transaction Categorization: this endpoint automatically adds a transaction category to each transaction. These categories give you more clarity on the nature of transactions and allow you to create a standard for building profiles for your customers based on the category of their transactions.
Transaction Metadata: this endpoint offers even more granular information on each transaction; more than what you find in transaction narrations which are often either truncated or shortened. With this endpoint, you can see details on transaction location, reference numbers, channel, payment processor, and more, where available.
Statement Insights: this endpoint returns vital information from transactions in a statement period such as transaction count, number of credits and debits, debit-to-credit ratio, overall credit and debit amounts, and the average balance within the period. In addition, it also returns information on any other observed patterns gleaned within the transaction data.
How the Mono Data Enrichment API works
Each of the endpoints in the Data Enrichment product can be accessed or called in two ways.
With Mono Connect: leveraging the Mono Connect API to get transactions from a linked account first and then calling any of the Data Enrichment endpoints to get insights from those transactions. For accounts linked directly with Mono Connect, there is an account ID attached to each one linked successfully. To get enriched data on accounts linked using Connect, these are the endpoints you'll need:
/:id/ transaction-categorization,
/:id/ transaction-metadata, and
/:id/ statement-insights
2. Without Mono Connect: by including a CSV file of transactions within a specific time period, in your request to any of the Data Enrichment endpoints. To get enriched data from transactions in a CSV file, these are the endpoints you'll need:
/transaction-categorization and /transaction-metadata
Note that the 'id' element is not included here as the transactions do not come from an account linked using Mono, hence they do not have an internal Mono Account ID.
Also note that the Statement Insights endpoint isn't included here, because you can't call it without using the transactions from an account linked using Mono.
What are the benefits of using the Mono Data Enrichment API?
Hyper personalization: To whom much data is given, much personalization is expected. Users are attracted to products that know them well and tailor their offerings to their needs. Using the Data Enrichment API to glean insights from your users' transactions and build solutions tailored to their financial patterns can truly differentiate your service.
Clear categorization: Instantly identify the category of each transaction and learn about your customers’ preferences.
Financial pattern recognition: Get insights that empower you to discover patterns in your customers' finances such as recurring transactions, existing financial commitments, and more.
Whether you're building a digital bank, personal finance management, or any consumer product, you can deepen your engagement with customers by building better customer profiles, offering personalized subscription or expense management, reviewing transactions qualified for loyalty rewards such as cashbacks, and even power personalized investment advice.
How to get started with Mono Data Enrichment API
If you already have a Mono account and wish to use Mono Connect to link accounts and retrieve customer transactions first before getting enriched data, you can get started with this guide on our API documentation.
If you already have a Mono account and wish to use the Data Enrichment endpoints to get insights from transaction data you've received outside of Mono, you can get started now by reading this guide in our documentation.
If you don't have a Mono account, you can create one at app.mono.co/sign-up
Questions you might have and answers to them
How much does it cost to get enriched data from each of the data enrichment endpoints?
Transaction categorization: NGN70/API call
Transaction metadata: NGN100/API call
Statement insights: NGN500/API call
2. Can I upload transactions in other file formats?
You can only upload transactions in CSV file format. This ensures that the file size is low and the structure of the data is recognizable. Here’s a guide to a sample CSV file with transactions to show you how to put one together for an upload.
