Strands Financial Management Products Offer Expanded Categorization

      Posted by Strands on Jul 6, 2022 in Company Updates

      Strands wants to make sure that everyone can categorize their spending in a way that works for them. Our core relies on our categorization engine, which has improved over the years until reaching a top accuracy for our clients. Our dedicated PFM and BFM taxonomies are built to suit all segments. We obtain this information from the metadata of the transaction that the bank sends us directly, and it's important to know what type of categories the transaction belongs to.

      With this big update, we are introducing an expanded Transaction Categorization that allows us to provide more granularity in our PFM and BFM, so customers better understand their spending habits and income inbounds.This applies to both taxonomies PFM and BFM and has impacts on features such as Budgets, in which users can monitor and reduce unnecessary expenses, now it allows controlling more specific categories. Or as in the Financial Analysis feature, where users can check in detail their transactions macro-categories and micro categories. To facilitate the user experience only 9/10 categories are displayed but if Banks wants to be more precise, more categories can be shown.

      However, our Rules Manager allows customers to change their assigned category if they wish. Changing categories or creating custom categories allows users to customize their banking experience. This can be applied to past and upcoming transactions so that all transactions are updated with the new category. This boost in our categorization leverages our transaction cleaning functionality, to provide optimized information for users.


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