Simplified mobile data collection
mParticle enabled Venmo to increase engineering efficiency by reducing the time and effort spent on mobile data collection for the marketing team.
Venmo makes it easier for customers to pay friends and family securely. Venmo was the first scale player in the peer-to-peer mobile payments space; but, as time passed, competitors including many of the big banks started offering their own peer-to-peer payment products. Still, Venmo maintains its leaderships due to a strong focus on customer experience.
As part of a highly data-driven organization, Venmo’s data engineering and analytics team was inundated with mobile data collection requests from their counterparts on the marketing and product teams. Making matters worse, customer data was housed across a number of different warehouses and tools, requiring manual wrangling to harmonize each time a new question was posed.
Data collection: Venmo centralized mobile data collection from their payment systems as well as their iOS, Android, and web properties via mParticle.
Data transformation: mParticle deduped and harmonized all the data sets around a single set of customer identifiers. This included mapping anonymous to logged-in IDs where possible.
Data connection: The combined datasets were delivered securely to a central warehouse, allowing data engineering and analytics to analyze it all in one place.
On a typical day, Venmo uses mParticle to collect and connect more than 130 million customer events and the team is constantly building new models off this data to generate new insights. As an example, one modelling exercise uncovered that Venmo’s social feed could be altered to significantly impact customer experience; the resulting product modification resulted in a 30% increase in engagement.
Latest from mParticle
How has the coronavirus pandemic impacted the financial services industry?
In times of uncertainty, financial services companies are uniquely placed to enrich people's lives. Learn more about how the coronavirus pandemic has impacted personal banking and how financial services industry leaders are adapting.
Manage compliance and consent across your stack with OneTrust and mParticle
This guide will show you how to collect, store, and share customer data according to user consent choices and data management requests across your organization by integrating OneTrust and mParticle.
CDPs vs. Data Lakes: What’s the difference, and can you use both?
CDPs and Data Lakes differ in the insights they surface, the users they serve, and the overall value they deliver. Though when used together, they are a powerful duo that can help your organization leverage historical and real-time customer data to the fullest extent.
How to use a Customer Data Platform with your data warehouse
Data warehouses enable critical insights, and speed of data collection and stability of warehousing are important to their performance. Learn how you can use a CDP with your data warehouse to improve functionality and take action on business intelligence.