Concerns about Privacy were not founded, especially in Millennials and Gen Zs, as this article Online value exchange by the Populus consultancy showed in The Drum.
US financial services were already doing similar stuff, companies like Capital One, and had been at this for years - they read email receipts, obtained refunds and have amassed millions of users.It was plain that the world had moved on from Email and now prefers Whatsapp, etc for private communication but we all need an email address (and card) to buy things online. Email was dead ( email is dead - inc.com ), it is becoming just another data source.If Banks knew what was purchased they could make our customer experience better, for example, offering personalised Travel insurance to someone travelling abroad or putting an Uber button in their App to book the onward taxi and pushing the Uber receipt to the Expenses system to be automatically paid back.Īs a Data Science business we wanted to find a solution to the problem, we decided to use Machine Learning to extract the data in email receipts and enrich the corresponding Banking transaction, we pursued this route for four reasons Banks also suffer, they field 6 million calls a year from customers concerned about online fraud (UK reported that 78% (£393.4 million) of all fraud was online), at an average cost of £5 per enquiry, this costs the industry in excess of £30m a year. But it's not just Fraud we worry about, we often want to find the receipt to return goods or use it to process a business expense. įinding an email receipt for the corresponding Bank transaction is almost impossible, email has become a dumping ground for spam, phishing and promotions. It went down well, two days later I was pitching to a smart bunch of investors at ESM Investments. The majority of these calls are about online purchases so friendly call center staff request that we check our email for a receipt.įor this reason I opened my pitch at EIE19 with the statement, ‘With purchasing going on line, there are now 200x more email sent than there are Google searches’, grabbing the attention of the packed University of Edinburgh’s McEwan hall (my thanks to Danny Helson and the EIE team for an amazing event).
Unfortunately, Banks know less than we do because the payment processors do not tell them what a transaction was for. We have all asked that question at one time or another, fretted and then called our Bank to see if it is fraud.
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