hey is there any tool available which can help to track, categorize, visualise expenses automativcally by importing bnz transactions?
Hi there, there isn’t currently an app that is available to do this but it’s something we’re looking into.
@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.
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.
I tried the pocketsmith. Not for me.
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:
Any progress on something like this or an “approved” relationship with Pocket Smith which would allow transactions to be loaded automatically?
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/
Well apparently Nick doesn’t have anything to share…
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.
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.
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!