“Why did I withdraw Rs.5000/- on the 10th of last month and what did I spent it for”… How many of us have had this thought seeing our Statement of Account and the answer always draws a blank. If only we common men had obsequious secretaries doing this job for us!!
Card swipe, Cash payment, Transfer payments, payment through wallets – There are different ways to spend, especially in an age where everything around us is digital, we tend to make purchases and payments in a blink of an eye. Credit/Debit cards have separated us from cash. Services like Amazon Prime and iTunes have separated us from cards. Now that we have started to pay easily using our smart phones, we will experience yet another degree of separation. All of this means that we need to work a bit harder to “feel” what we are spending — and keep track of it.
Expenses are never-ending and tracking them can become a nightmare. Transactions like cash withdrawal are almost impossible to track and remember. How about having an application which is part of your Banking App which can help categorise customer transactions with minimum intervention? An application which not only helps in categorizing spends but also helps a customer to set a goal, to split cash transactions and set budgets.
At Vayana, we have aligned our product offering to address this concern of expense management. We have created a Personal Finance Management tool which will be a one stop shop for managing expenses. Through this tool one will be able to:
- View entire Portfolio
- Define Goals
- Create Budgets
- Categorise Expenses
- Review Budgets Vs Expenses – View Graphical Representations and Trend Analysis
- Split Cash transactions into meaningful expenses
The system is built to learn automatically over time, based on the categorizations made by customer. Using mobile banking application, expenses can be categorised on the go, review expenses against set budgets, view spending pattern across categories and across months.
Only the most idealistic among us enjoy filling in expenses, which is why it’s great to have an app at hand that can help record and process expenses with the minimum of fuss.