Zafin has announced the launch of its latest fintech product, Transaction Enrichment.
At the heart of Zafin is a modular AI-powered platform for banking that unifies data and automates deal execution. Customers include CIBC and HSBC.
The new capability from Zafin, Transaction Enrichment, is another purpose-built product for financial institutions, according to the Toronto-born firm.
“Transaction Enrichment is foundational to delivering true personalization in banking and is an integral part of a long-term strategy to improve customer relationships and personalized service,” believes Charbel Safadi, chief executive officer of Zafin.
Transaction Enrichment enhances Zafin’s platform by transforming raw transaction data into rich, contextual insights, according to a statement from the company.
This in turn enables banks to deliver more personalized experiences, which can strengthen customer engagement, Safadi says.
“Our approach is more than just data enrichment,” the CEO says. “It enables banks to move beyond generic offers and engage and reward customers in ways that reflect their daily behaviours, financial goals and full relationship with the bank.”
Zafin’s AI-powered Transaction Enrichment is being battle-tested at Commercial Bank International in Dubai.
“Enhancing our transaction data has helped us deliver a clearer, more intuitive digital experience for our customers,” stated Giovanni Gavino Everduin, who serves as Chief Strategy & Innovation Officer at CBI.
“It goes beyond transparency,” he added. “It’s about laying the foundation for deeper personalization and fostering a new kind of loyalty built on everyday behavior.”
Founded in 2002, Zafin was last year acquired by Sweden’s Nordic Capital.
“Nordic Capital has been a keen observer of bank IT modernization efforts and has been highly impressed with Zafin’s innovative approach to helping its customers react to a constantly changing business landscape,” Mohit Agnihotri, a Partner at Nordic Capital, stated last February. “We firmly believe that Zafin will emerge as a gold standard in bank IT modernization efforts.”
Since inception in 1989, Nordic Capital has invested over 21 billion euros across more than 125 companies.
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