Often, bank statements can seem like they’re written in a different language. Merchant descriptions are unrecognisable, and the location of your purchase can often seem wrong.
For example, you buy some groceries from your local IGA store, and the transaction comes up as “VANS RETAIL GROUP PL.” For those trying to take control of their finances, it’s confusing – leaving everyday Australians and businesses with no idea where their money is going.
This is becoming a major customer problem. With a rapid shift in people transitioning away from cash, customer calls querying transaction descriptions have significantly increased. There are also often unnecessary card cancellations due to transactions looking unfamiliar, creating worry that they may be fraudulent, and causing significant inconvenience to the consumer as they have to change their recurring payments over to a new card.