Currently Personal Financial Management (PFM) solutions provide automatic categorizations of expenses based on the type of store. So, a purchase at Rewe is categorized as groceries. We use a code submitted through the card transaction to split the amount into several categories.
Type of project:
The MVP extracts the code from transactions on the bank statement and applies categorizations. The MVP is limited to a fixed number of categories and applies to purchases at groceries store.
- People who already use PFM tools to analyze and manage their finances
- People who have so far not used PFM tools, because the information generated by existing tools was not precise enough
People will typically use this app to analyze their expenses, for example at the end of the month
Challenges & solutions:
Integrating the figo api took some time. There is no API playground. We overcame the difficulty with the extremely helpful API mentors from figo. Thanks! :)
To be successful, our product needs a supermarket partner. Since market concentration is extremely high in Germany, just starting with one chain like Rewe provides very large scale.
The backend is programmed using Clojure. The iPhone app is developed with Swift. Bank transactions are extracted by using the Figo API.
Team members, their skills & Twitter handles:
- Abdullah Mamun (Developer back-end), @mamuninfo2
- Filip Vucelic (Developer iPhone)
- Silvan Meyer (Designer)
- Paul Haas (Developer iphone)
- Robert Lengsfeld (Product), @robertlikestotweet