Wisely is adding tons of FI transaction data to its vault.
The Ann Arbor-based company announced yesterday that it has completed its beta test of adding transaction data from Citigroup, Wells Fargo and Capital One to its recommendation engine. The company also announced users of those three banks could now link their accounts to Wisely’s engine to begin adding transactions to its database. All transaction information is anonymized before being presented to other users.
To be clear, the data Wisely is gaining access to is data of transactions through these three banks by Wisely users.
Wisely provides recommendations to real-world stores and restaurants based on actual transaction data from customers of financial institutions. Users curious to know how many people went to that hot new restaurant — and more importantly, how much they spent there — can turn to Wisely. But until now, the company was only able offer American Express transaction data. The addition of data from three of the nation’s largest banks will significantly add to the app’s usefulness.
Much of the appeal of Wisely should be for travelers to new cities, said Mike Vichich, the company’s CEO. Wisely also offers valuable data to merchants, which can see how competitors are faring.
Wisely was formerly known as Glyph, and under that name, the company focused on helping customers maximize credit card rewards. This is still possible with Wisely, but is a secondary feature on the app.
Bank of America and JPMorgan Chase are expected to be added to Wisely’s engine by early February, Vichich told Bank Innovation. Wise move.
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