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Efficient financial tracking
through an sms based expense tracking solution

finout
  • Company
Finout
  • Domain
Fintech (BFSI)
  • Service
Solution Engineering
  • Technology
Angular, MongoDB, NodeJS, Financial              Tracker, Mobile, Android, Cloud
  • Platform
Mobile

Problem Statement

We receive numerous text messages and SMS notifications on our smartphones daily, including those from banks about our spending. These messages about transactions, paid bills, recharges, and other expenses contain valuable data about our spending habits, which can help users identify areas where they can save money. However, searching for a specific transaction message from a few days ago can be incredibly time-consuming and frustrating. The sheer volume of text messages makes it difficult for users to track and manage messages related to their spending. Faced with this challenge, our client approached iauro for a solution.

Solution

Since users receive a large number of text messages every day, which are stored in the default messaging app on their smartphones, our team developed a solution to organize and display messages related to expenses. This solution, named Finout (derived from “Finance In” and “Finance Out”), offers bank-wise filters that allow users to track multiple banks, cards, and accounts within their text messages. Finout provides a simplified analysis of inflows and outflows in one place, with automatic tagging to categorize expenses and automatic POS and business location mapping. It achieves this by automatically parsing text messages and identifying patterns. Over time, the solution learns users’ spending trends, enhancing their overall experience and helping them manage their finances more effectively.

Technologies Used

This Android application was developed using the Node.js and MongoDB stack to efficiently parse transaction messages. This application features a smart SMS-to-business tagging algorithm, which categorizes and organizes incoming transaction messages. By parsing these messages, the app provides users with an intuitive interface to manage and track their financial activities seamlessly.

Impact

With this solution is the user is able to stay informed about their financials with Finout. It helps them optimize and reduce unnecessary spending. By understanding “how” they spend and “where” they spend, Finout provides an accurate view of users’ finances, empowering them to make smarter financial decisions and achieve better money management.
Ready to disrupt
your industry?
Explore iauro for transformative solutions that empowers banks to rapidly design, build, launch, and enhance offerings, keeping pace with ever-evolving customer expectations.

    Efficient financial tracking through an sms based expense tracking solution

    • Company
    Finout
    • Domain
    Fintech (BFSI)
    • Service
    Solution Engineering

    • Technology

    Angular, MongoDB, NodeJS,            Financial 
Tracker, Mobile,              Android, Cloud

    • Platform
    Mobile

    Problem Statement

    We receive numerous text messages and SMS notifications on our smartphones daily, including those from banks about our spending. These messages about transactions, paid bills, recharges, and other expenses contain valuable data about our spending habits, which can help users identify areas where they can save money. However, searching for a specific transaction message from a few days ago can be incredibly time-consuming and frustrating. The sheer volume of text messages makes it difficult for users to track and manage messages related to their spending. Faced with this challenge, our client approached iauro for a solution.

    Solution

    Since users receive a large number of text messages every day, which are stored in the default messaging app on their smartphones, our team developed a solution to organize and display messages related to expenses. This solution, named Finout (derived from “Finance In” and “Finance Out”), offers bank-wise filters that allow users to track multiple banks, cards, and accounts within their text messages. Finout provides a simplified analysis of inflows and outflows in one place, with automatic tagging to categorize expenses and automatic POS and business location mapping. It achieves this by automatically parsing text messages and identifying patterns. Over time, the solution learns users’ spending trends, enhancing their overall experience and helping them manage their finances more effectively.

    Technologies Used

    This Android application was developed using the Node.js and MongoDB stack to efficiently parse transaction messages. This application features a smart SMS-to-business tagging algorithm, which categorizes and organizes incoming transaction messages. By parsing these messages, the app provides users with an intuitive interface to manage and track their financial activities seamlessly.

    Impact

    With this solution is the user is able to stay informed about their financials with Finout. It helps them optimize and reduce unnecessary spending. By understanding “how” they spend and “where” they spend, Finout provides an accurate view of users’ finances, empowering them to make smarter financial decisions and achieve better money management.

    Ready to disrupt
    your industry?
    Explore iauro for transformative solutions that empowers banks to rapidly design, build, launch, and enhance offerings, keeping pace with ever-evolving customer expectations.