Spendsights now supports all the banks!
What were the difficulties in supporting all bank statements?
Since we are not interested in reading all your SMSes, we took the route to process the bank statements safely without any strings attached.
But we quickly faced all kinds of problems (expectedly) with bank statements from different banks. Indian banks are not obliged to follow any particular format and they can also change their formats of the bank statements at any time. It has become practically impossible to support not many but even handful of banks, because of the continous maintenance and we can never be certain about the structure we can code for the bank statements.
How did we solve this?
After many iterations and serious of brainstorming sessions within our team, we made use of Large Language models (LLMs) to better tackle this problem. Also we made sure of not exposing any personal data to the AI models. This opened us to support any banks and to truly focus on the features rather than endlessly maintaining the bank statement processing code.
New Workflow
With this we have also changed the workflow of uploading your bank statements to process.
- After you signup/login, on uploading a bank statement you can select an existing bank account or create a new one to proceed.
- And upload the bank statement to process, we are supporting Excel and CSV statements.
- With this we fetch your transactions and auto-categorize (if possible) them for you.
Next Steps
We are working on giving you a better UX and more useful features! And of-course supporting PDF is in the pipeline.