AC - Transaction Enrichment 1

Bread Financial: Transaction Enrichment and Digital Customer Experience

Page 1

  • Overview of Bread Financial's focus on improving transaction enrichment and digital experiences for customers.

Page 2: Customer Feedback

  • Customer experiences indicate significant pain points:

    • Difficulty in tracking travel-related transactions.

      • Customer: Lois S - AAA Travel Club.

    • Issues with store transactions leading to confusion and inefficiency.

      • Customer: Jesus A - Buckle Credit Card.

    • Complaints about slow transaction posting and mobile app usability.

      • Customer: David A - American Express.

    • Problems with inaccurate available balance leading to declined purchases.

      • Customer: Nikki H - Torrid.

    • Complicated dispute processes requiring multiple phone calls.

      • Customer: Darryl H - AAA Travel Club.

Page 3: Primary Call Drivers

  • Common reasons customers contact support:

    • Balance Enquiries:

      • 21.7% wanted to check balance due to unexpected changes.

    • Transactions Related Calls:

      • Issues with declined transactions (21/40 calls).

    • Statements:

      • Inquiries about missing statements and balance breakdown.

  • Key observations suggest a need for enhanced clarity and processes concerning balance, transactions, and statements.

  • Recommendations: Educate customers on residual interest and provide clear transaction decline reasons via notifications.

Page 4: Identified Issues and Recommendations

  • Issues reported include:

    • Incorrect payment status display.

    • Confusion over available credit balance.

    • Demand for detailed transaction views.

  • Suggestions for improvement include clearer communication regarding transactions and better organization of transaction alerts.

Page 5: Competitor Examples

  • Comparison of transaction details across competitors (Citi Card, Discover, Amex) highlights customer-focused designs including clear itemized purchases, cashback rewards, and interactive payment options.

  • Competitor features include incentives like cashback bonuses and detailed transaction categories.

Page 6: More Competitor Examples

  • Further breakdown of competitor features, focusing on additional transaction details and customer service capabilities, illustrating a trend towards enhanced customer experiences.

  • Example: Amex and Barclays provide competitive transaction clarity and rewards systems.

Page 7: Boscov's Credit Card Program

  • Overview of customer incentives and rewards available through the Boscov's credit card program:

    • Example: Points accumulation and birthday perks.

  • Clear transaction details including payment summaries and fee structures.

Page 8: Continued Transaction Details

  • Continued breakdown of transaction history and reward points system.

  • Emphasis on transparency in transactions and potential interest charges to improve financial literacy among cardholders.

  • Maintain regular communication regarding account status and encourage online management for ease of access.