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Feedback request: Improvements for Online Banking automatic categorisation

Hello everyone!


We've been listening to your comments regarding automatic categorisation of transactions downloaded from Online Banking and we see that while many users are satisfied with the feature as it is, there is some room for improvement.


Case summary:

MoneyWiz automatically assigns categories for transactions downloaded from Online Banking based on the information we receive from the connection provider. There are pretty smart algorithms behind the scenes doing this and while at first the categories assignment might seem pretty random, the bank provider MoneyWiz connects to will eventually learn from your choices based on Payees.


However, there will be times when MoneyWiz will get it wrong so this case is for people for whom the feature does not work as expected at all or that those times when MoneyWiz occasionally gets it wrong is inconvenient enough that they would like the feature completely gone.


Our request:

We'd be grateful if you'd share your feedback with us. In order to make it easier for us to process your comments, please read the following guidelines for this topic:


1. This topic is only about automatic categorisation for transactions downloaded from Online Banking. If you are experiencing problems with your Online Banking connection but it's not related to category assignment, please create new topic or contact us directly via e-mail so we can help.


2. Please include in your post an answer to this question: Are you connecting to your bank via Salt Edge or Yodlee platform? To check this, please start editing the accounts in question (Settings -> Accounts & Budgets on iOS, double-click on Account in the sidebar on Mac) and check whether it says Yodlee or Salt Edge there. Those platforms are separate so one might be working better than the other for some banks. We need to know exactly which platform you're referring to.


3. Please include in your post an answer to this question: On a scale from 1 to 10 (10 being the best score), can you rate how satisfied are you with how MoneyWiz automatically assigns categories? What are the reasons for your score? Can you please comment on the degree of improvement you've noticed in this regard over time?


4. Please include in your post an answer to this question: On a scale from 1 to 10 (10 being the best score), can you rate how satisfied are you with how MoneyWiz automatically assigns payees? What are the reasons for your score? Can you please comment on the degree of improvement you've noticed in this regard over time?


5. Please include in your post an answer to this question: We are thinking to include an option how you'd like to handle transactions imported from Online Banking. Our plan is to let you choose from one of those:


A) Import transactions with category from the provider (the current setting).

B) Import transactions with categories based on payees (like with import).

C) Import transactions with no categories whatsoever.


Which of those options would you choose, if any?


6. Please include in your post an answer to this question: if you like the idea presented above, would you like this setting to be global (for all your accounts) or granular (separate setting for each account)?

Please think about this carefully as while greater degree of control might always be better, implementing a global setting might be easier (and faster) for us to do than a granular one.


Thank you so much for taking the time to read this and considering to share your feedback with us. We really appreciate your input and constantly review and discuss your comments internally.


1 person likes this idea

Hi Stanislav,


Once again, thank you for your inputs regarding MCC. We are discussing this with Salt Edge to improve MoneyWiz's categorisation algorithms.

Hi Stanislav, Thank you for the feedback. Based on what you describe, it appears that SaltEdge is not feeding us the right data for that bank. If you want to join the iOS beta to see if the new algorithms improve it though just email our support at hello@moneywizapp.com requesting to be added to the iOS beta to test online banking's categorization improvements. Make sure to give them your AppStore email.

Hello!

I am from Estonia and I use Online Banking to sync data with two banks - SEB and Swedbank, first being my main one.


1. Makes mistakes all the time.

2. Connecting through SaltEdge

3. 2/10. There is not much improvement because for all card transactions that I do MoneyWiz fills them the same way - ALL "Description" and "Payee" are being filled with the same of the bank "Seb" and the "Category" field is always "Fee". The very few exceptions is when a payment is performed through the internet. Then the accuracy is about 40%

4. 1/10. Read answer to question number 3.

5. If you can improve the mechanism then "from provider" - "1" is good. Also, it would be good if there would be a learning mechanism. Based on Payee/Description/Account number combinations setting the proper category as they tend to repeat.

6. This would depend if you can get all banks (two in my case - SEB and Swedbank) working properly. If this happens - global would be completely acceptable,, if not and this would take much time then a granular setting is clearly preferred.

Hi Sergey,


I will check about this. Maybe it's a new thing they added because previously they didn't have it. I will forward this to my team.

Just FYI, right now we are working towards 3 directions related to auto-categorization:

1. Ability to turn it off

2. Dramatically improve similar payees detection (because currently auto-categorization relies on proper payee info and many times payees come with additional text before/after the actual payee name, so we have algorithms in place to determine if two different strings actually represent the same payee).

3. Payees links - i.e. the ability to manually link payees to categories. Currently it's automatic and there is no UI for customers to manually intervene, but we're considering to add the UI for it.


Hi Iliya, I found on saltedge documentation that they have this extra field called MCC. Of course it won't be for each transaction or each account. Categorization based on MCC works grate. If you go to vet clinic it gives you MCC for it, if you go to the restaurant it gives you MCC for that... It will be greate if you could add this field and give us ability to create rules for autocategorization. I don't see any fields that I could use to categorize even manually. I use my bank account in order to get categorization based on MCC and add it to my moneywiz.

Hi Sergey,


I don't believe the data we receive from the data aggregation platforms has MCC, hence adding this won't really make any difference in terms of accuracy of auto-categorization.

We are working with several customers individually to improve the accuracy even more and we have amazing results so far, so expect to see great improvements with the next update which we'll release in a month or so.

Hello,


Please add MCC (Merchant Category Code), and then it will be much easear to make categorisation for "plastic card accounts": create configuration table where we could config category for each MCC.



Guys this is a great idea. Consider it done in 2.4! PS Just FYI these 2 settings (1) Auto categorize ON/OFF 2) Create new categories when auto categorization can't link a category to an existing one) will be per OB account, not general in the app. The reason is that the quality of auto categorization varies per account actually, so you may want some to be one way and others another way. Anyways, consider it done in 2.4.

3 people like this
Hi, Completely agree with Weddell: - yes for auto-categorization. - NO for new category creation. Regards

Ilya, Sorry to be pedantic but disabling auto-categorisation isn't the answer. I love auto-categorisation. It saves me a lot of work. Most of the time auto-categorisation gets it right. If it is auto-categorising into one of MY existing categories that's fantastic - exactly what I need and want. But if Moneywiz cannot auto-categorise to one of MY existing categories, leave the category blank and let me categorise it myself. Just don't invent new categories that don't already exist - there's a lot of work to find the transaction, untick the invented category, tick the correct category, then delete the invented category.

Guys, as noted before in this thread - the option to disable auto-categorization will come in the next update.
Agree, it's very frustrating. And always wrong!
Sorry for not following your numbering system, but my request (plea) is simple. I've spent a LOT of time setting up a hierarchy of categories that meet my needs. I find it incredibly annoying when Moneywiz creates new ones for me. Yes, it's great if Moneywiz assigns the transaction to one of my existing categories. And I can accept it getting it wrong sometimes. But inventing a new one is absolutely, guaranteed to be wrong. Each and every time. Without exception. Please, please, DON'T create new categories. Please.
Hi David, Thanks for the feedback. Two things: 1. If the payees were correct, then if you re-categorize the transactions MoneyWiz will learn that and next time it detects transactions from these payees it will categorize them based on your selection. MoneyWiz learns that so that it can improve the auto categorization for everyone individually. 2. We will add an option to disable the auto categorization, soon. I am hoping for the 2.4 update actually.

I tried the subscription for one month and ended up canceling.  The categorization is one of the reasons.


2.  For my checking account it uses yodlee, but I believe I also had a minor account I tried to connect through salt edge.


3.  I would rate 1 of 10 satisfaction.  I would estimate 10 - 20% correct categorization.  The main frustration is roughly 50% of my transactions are scheduled and already have a categorization associated with them.  These were never followed and required me to go through manually.  

There were periods that seemed to find the ideal category.  May have been different repeat categories throughout the month.


4.  Payees.  I would rate 9 of 10 satisfaction.   Because many/most of my transaction are scheduled payments, the payee matches well.  The other 50% of non-scheduled transactions don't match and I just make a new payee.  I don't mind if the payees do not match I am mostly concerned with correct categorization.


5.  I think by Payee would be best in my situation.  Utilities do not change category.  At Costco where I get groceries and gas weekly - at least it would be right 50% of the time.  Instead of guessing other.  

Listing no category would be a second choice.  This would be better than the current situation because at least I would know which transactions were imported.   


6. Definitely account by account selection.  




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