Spire, one of the GCC’s leading open banking service providers, announced a strategic partnership with Mastercard, a technology leader in the global payments industry. This collaboration will help banks revolutionize consumer engagement and improve user experiences in the region by integrating Spire ‘Ingage’ and Mastercard’s Merchant Identifier solution.
Spire “Ingage” is an AI-powered financial wellness platform for retail banking customers that provides smart budgeting, smart savings, smart lending. It helps simplify consumer finances and financial decision-making. Mastercard’s Merchant Identifier solution will be integrated to provide real-time merchant data in different categories, formatted to be relevant and recognizable by banks and their customers. This allows customers to have a simple and holistic view of their transactional banking activities. Banks will benefit from a reduction in inquiries, as this information will provide their consumers with simple and recognizable transactional information.
The partnership is a step towards providing a personalized, real-time customer experience with dynamic content that promotes proactive financial management for consumers. Which will ultimately lead to improved customer acquisition, retention, and referrals.