SpendTrack – Track your Income and Expenses with Ease
SpendTrack is a comprehensive mobile application that enables users to easily track their income and expenses across various categories such as shopping, travel, entertainment, bills, food and drinks, groceries, health, fuel, investment, and more. The solution uses AI/ML algorithms to read all bank SMS since inception and store and classify them based on transaction type, date, bank name, and merchant name for every user.
Benefits and Important Features
Comprehensive Spend Tracking
With SpendTrack, users can easily track their income and expenses across various categories, giving them visibility into their spending habits and helping them make more informed financial decisions.
Automated SMS Classification
SpendTrack's AI/ML algorithms automatically classify bank SMS based on transaction type, date, bank name, and merchant name, making it easy for users to keep track of their spending without manual effort.
Payment Reminders
SpendTrack includes a payment reminders tab to remind users of pending dues, along with the due date and payment link, helping them stay on top of their bills and avoid late fees.
Categorical and Merchant-Wise Classification
SpendTrack categorizes transactions based on predefined categories, making it easy for users to understand their spending habits and identify areas for improvement. It also maps merchant names with predefined categories for more accurate classification.
Mobile App and Dashboard
SpendTrack includes a mobile app for users to track their spending on the go, and a dashboard for admins to analyze and evaluate data.
Advanced Technology for Personal Finance Management
Our IT product offers a cutting-edge solution to manage personal finances with the help of AI/ML algorithms. The mobile application fetches user’s bank transactional SMS and payment due SMS, which are then classified and stored in a master data warehouse, allowing the user to view their income and expenses categorized based on merchant name, payment mode, and bank name. The use of Kafka as a message broker reduces the time duration required to fetch, classify, and display SMS. With access control list implemented to handle permissions, it is easier for the admin to manage clients.
Categorical Classification and Merchant-Wise Classification
Our solution offers categorical classification and merchant-wise classification, enabling users to view their income and expenses across various categories such as shopping, travel, entertainment, bills, food and drinks, groceries, health, fuel, and investment, among others. The mobile app displays the total sum of transactions within the selected date range, along with payment reminders tab built to remind users of pending dues, along with the due date and payment link. The dashboard allows the admin to manage clients, client’s users, and their roles, apart from the data classified from the SMS.
Unique Architecture and Measurable Impact
Our product has a unique architecture that includes three components, the web app, Android app, and SDK, allowing users to authenticate via the middleware/authentication layer and create a client profile. The architecture includes a unique secret created for each organization, which is given to the client, and this secret key is used to create a token for the client’s respective users in the SDK. The ML engine uses named entity recognition (NER) to predict the merchant name and due dates of payment reminder SMS, which gets populated in the database and is visible to the Android users as well as the Web App Portal. Our product has a measurable impact, offering a comprehensive solution to segregate information across multiple platforms related to income and expenses made by individuals.
SpendTrack is the ultimate solution to easily track and categorize your income and expenses. With automated SMS classification, payment reminders, and easy-to-use mobile and dashboard apps, you can take control of your finances and make informed decisions about your spending. Try SpendTrack today and take the first step towards financial freedom.Get in touch with us to learn more about how our application can benefit your organization.
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