At Money Dashboard, we know that understanding how you spend your money can change people’s lives. One of the keys to our customers’ success is Money Dashboard’s categorisation of transactions.
Now we are extending that service from our app users to business of all kinds. Our Categorisation as a Service, or CaaS software, is a machine-learning API that your Fintech start-up or Financial Institution can use.
CaaS is a suite of proprietary software that analyses your customer’s spending data and breaks it down into easy to understand categories. From Bills, to Clothes, to Home Insurance, the 14 top-level and 99 second-level categories are designed to increase your firm’s understanding of where a customer spends their money.
Beyond simple categorisation, Money Dashboard’s CaaS software can also tell you how much money your customer is committed to spending. Our Data Enrichment API identifies income, interest payments, insurance, rental income, and more, giving you a fuller picture of your customers’ finances.
Our software is powerful and intuitive, breaking down spending not only by merchant, but by purpose. The CaaS system will not only tell you the amount that a customer spent at Tesco this month, but will also distinguish between groceries, petrol, insurance, and credit card payments all to the Tesco conglomerate.
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You have a customer that is an especially loyal user of Tesco services. Out of their 140 transactions in the past month, 10 were with some sort of Tesco brand. Let’s take a look below:
Your company is low on resources and time, but you are smart enough to run a search for certain “regexes” (regular expressions) in your data. You search for “tesco” and equate this to the Tesco Supermarket. The results of your analysis are as such:
Your regex search has identified 6 out of 10 of the transactions as a Tesco Supermarket transaction, and therefore £702.41 of grocery spend by this customer this month. Even without examining the transactions. This doesn’t seem right at all. The regex search has missed three transactions entirely, misidentified one transaction as from an Apple Store, and misidentified others as groceries. The result is a useless output which tells you nothing about a user’s actual grocery spend, nor anything about their non-grocery Tesco spend.
In contrast, let’s take a look at how CaaS categorised these transactions:
Money Dashboard’s CaaS system has identified all transactions and split them among four Tesco business lines. What’s more is our engine has provided not one but two levels of purpose tags for analysis, doubling the insights potentially gained from this data.
As you can see, not only does Money Dashboard’s Categorisation Data Enrichment API represents an enormous improvement in tagging accuracy, the quality and depth of output will give your organisation the insight needed to make strategic lending and underwriting decisions with confidence.
When you use Money Dashboard‘s Categorisation API, you are getting the best of machine learning and human intelligence. Our categorisation engine is trained on over 600 million transactions, verified by a series of rules-based programs, and constantly evaluated by our expert data scientists.
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We don’t see our Categorisation & Data Enrichment API just as a way to categorise spending but as a complete picture of your customers’ needs. With this knowledge you can improve your services, provide better and more specialised products, and boost customer satisfaction.