Money tracking with BNZ


#1

hey is there any tool available which can help to track, categorize, visualise expenses automativcally by importing bnz transactions?


#2

Hi there, there isn’t currently an app that is available to do this but it’s something we’re looking into.


#3

Check out www.pocketsmith.co.nz


#4

@kpoxo6op & @mcdonovan what is it that you would want to do, know or improve etc by seeing transactions categorised ?  I would love to hear what you ultimately want to achieve with it.  There have been many attempts by different parties to categorise transactions that all seem either incomplete or clunky so if we are investing in this we want to make sure it helps you get the insight you need into your spending.

Would you want to categorise everything, or just track some things? How granular? linked to budgets etc etc … The more you can share the better we can bash the opportunity around.


#5

I referred to PocketSmith because it already seems to do a good job of roughly categorising transactions like groceries and fuel etc. Its great for building a budget. I don’t see that this would be useful inside BNZ’s app unless BNZ was also going to provide a budgeting service. Better to use the likes of PocketSmith or YNAB.


#6

I tried the pocketsmith. Not for me.


#7

I wanted to see how much do I spend on eating out or online shopping, see where I can save.
I’ve been using Pocketsmith and it answers these questions.

My granularity level is like 10 categories.
What I wish BNZ can do as well:
http://i.imgur.com/SlVEBdT.png


#8

Any progress on something like this or an “approved” relationship with Pocket Smith which would allow transactions to be loaded automatically?


#9

No sign of anything tangible happening after 18 months and not even a response here so I guess the “Helping you be good with money” claim is just baseless marketing puffery.

Interesting that Westpac have stepped up with their Cashnav product : http://www.westpac.co.nz/branch-mobile-online/apps/cashnav/


#10

Hi @Darren, sorry I must have missed your last post - @Nick, anything to share in this space?


#11

Thanks Yvonne.


#12

Well apparently Nick doesn’t have anything to share… :worried:

How difficult would it be to set up the an additional feature of an additional “read only” login for internet banking that could be used to allow existing products such as Pocket Smith to obtain transactional information? Terms and conditions could be modified to state the bank is not responsible for any privacy breaches resulting from the use of this feature.

This way existing products in the market could provide BNZ customers with the tools they’re after with zero support from BNZ required, there’s no way any fraudulent transactions could take place and customers wouldn’t be in breach of the BNZ’s terms and conditions for internet banking.


#13

Hi @Darren,

Sorry for the late response, Nick’s overseas at the moment. We don’t currently have any plans to integrate with PocketSmith or similar products. A few years ago we set something up with Xero Personal, but many of our customers found this too difficult to use (and ultimately Xero stopped supporting it).

We’ve talked a lot about how we would like to do this ourselves from within Internet Banking and the goal would be something simple enough that most customers would be able to get value out of it. This project hasn’t begun in earnest yet, but is still on the list of things we want to get into.

Luke


#14

Thanks Luke, appreciate the response. I was enquiring on behalf of my son. Given where this appears to be sitting on the BNZ’s priority list, I’ve suggested he looks at moving to Westpac who appear to already have a solution. Cheers!


#15

Hi, any update on this? I too am keen to allow read-only access (via either API or screen-scrape) to external systems. Thanks


#16

Thanks for the question, @nano. @Nick do we have any updates here? Cheers,


#17

There are a few things happening over the coming months that may be of interest. I hear your request about getting your info into PFM type tools. I hope we’d be able to give you some clarity on that within a few months, but there is nothing I can promise right now.

I am very interested in knowing what things you use in those tools that are of most use for you, we are currently looking at developing features that will let people budget and track money far better than we currently let you, or how others currently do too, so any thoughts on what those killer use cases are would be very useful to know.


#18

Just moved a business onto Reckon accounting which offers the ability to link directly to bank accounts. Unfortunately BNZ is noticeably absent from the list of banks able to enable this:

ANZ
CBA
NAB
Westpac
St George
Bank of Melbourne
Bank of South Australia
Bank of Queensland
ANZ New Zealand
Westpac New Zealand
ASB Bank
KiwiBank
TSB Bank

I think it’s clear BNZ is falling behind when it comes to anything to do with integration

Yes I could use the Yodlee option but that would breach T&C’s.

Very frustrating…


#19

I am a sole trader as well as an employee and like to be able to categorise, annotate and tag my expenditure based on a direct bank export (ideally via automated real time behind-the-scenes integration rather than download/upload and having to remember what dates you’ve already got for which account).

Once I’ve categorised it’s easy for me or my accountant to do my self-employment tax return and my employment-related expense reimbursement forms.

I also need to be able to attach scans of receipts , and manually add in cash transactions alongside the ones on the bank statement.

Realistically, while BNZ may well develop some basic PFM for budgeting and some pretty display-layer whizziness somehow I don’t expect that your proposed new functionality would go to the level of detail of me being able to tag a specific item both by category AND by project (for invoice/employment expense reimbursement) AND which tax type/% it falls into (NZ GST, NZ no GST, offshore VAT at various rates) AND allow attachments.

Even if BNZ does build all the above, I have bank accounts with other banks in other countries as well (as I work internationally in multiple currencies) so I need ALL my transations to be pulled into one system that’s not linked solely to one bank.

Therefore I very much require BNZ to simply allow the automated export to an external system via read-only API to be done within BNZ Ts and Cs.

FYI am considering changing banks based on this. (The high overseas ATM fees from BNZ don’t help either, but the lack of a serviceable/allowable transaction export API is a major pain point).


#20

Agree with nano.

I already use YNAB and am happy with it.

All I want is automated export.