Banyan - Meeting the Need for Item-Level Receipt Data: Integration Enables Innovation - January 2023 - Learn more about how integrating item-level receipt data can help merchants track customer spending, provide loyalty and rewards programs and enable innovation

How Integration Enables Innovation

Firms Hope To Win With Receipt Data Solutions but Implementation Issues Abound Nearly three-quarters of firms believe that receipt data–powered innovations attract new customers. “Meeting The Need For Item-Level Receipt Data: How Integration Enables Innovation,” a collaboration with Banyan, surveys 351 bank and FinTech executives to explore why — and how to overcome barriers to this innovation.

Inside the January Report

  • 48%: Portion of FIs that consider data standardization to be required when using item-level receipt data
  • 22%: Share of firms that say ML/AI is needed to use receipt data to build digital receipt functionalities
  • 46%: Share of FinTechs that believe integrating receipt data into their existing loyalty and card-linked offer programs is their most difficult challenge

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