Spending compared to last month

Use case - awareness of spending

With the cost of living crisis increasing the prices of goods and services, it can be difficult to know where the biggest increases are coming from and identify what steps can be taken to reduce spending.

Use transaction data to call out category or merchant spend and compare to this time last month or simply show customers who they are spending the most with each month.

Spending compared to last month examples

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APIs used
List transactions V2:
GET financial/v2/transactions (List transactions V2 endpoint)
Retrieve merchant totals V2:
GET v2/merchants/totals (Merchant totals V2 endpoint)
Retrieve category totals:
GET aggregations/v2/totals/categories (Category totals V2 endpoint)

Tip: people who engage with their finances using a PFM are 18% wealthier than those who don't. (The personal finance management market is growing as banks digitize, August 2020, Business Insider) Creating a monthly spending report and offering the ability to create a budget can engage customers in their spending.

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