An Alternative to credit card statements

I hardly remember passwords and anything which is password protected ( even by assumption of any easy formulaic entry), skips my attention. As a result, I hardly open my statements to read if there has been any additional charges, timely credit of refunds etc and only hop into a quick scan of the statement when there is a significant gap in actual versus estimated payment based on a quick end of the month mental math of course.
Is there a way where I don’t get to read it, yet figure out on the cumulative spendings?

Say the app tracks my credit card usage online and highlights/flags difference between the sum total due based on my credit card. ( also every time i make an offline transaction using the card, the app automatically tracks it ), and so the final bill equates sum total of both the kind of transaction and if not , highlights it right when the statement is generated and only then one dig deeper into the report.

Not sure if this could be solved using NLP, but if i have an app as a digi bank representative, I would most likely want to avoid reading pdfs/excels of any kind.

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What do you think about all your statements, being added to a cloud account of your choice (Google Drive for me)? and no passwords for the statements now!

nice idea, but i would still have to scan it right ?

Ease is if i can avoid scanning through yet get to know where there has been deviations/interest charges/finance charge, GST etc.
If a notification can solve it, someone like me who heavily relies on credit cards will spend less reading it or calling customer care to request reversals.

I mostly never check my statements but at the same time I’m not comfortable with someone else going through it.
For others, I think Cred offers this feature through Cred Protect. They basically request access to your statements through Gmail and they highlight your outstanding, hidden charges if any and also show you where you’re spending your money.

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I check transactions more than 500 only or else it becomes super cluttered. What I also don’t like is that it doesn’t have any merchant names.

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Maybe rules set by you, txn in excess of 5k along with txn flagged which do not occure frequently to flag frauds basis previous data.

Both implemented together can reduce the hassle of going through the statements?

Hi, @sneh.baxi Can we explore the possibility of a push audio notification, that works based on a set of preliminary rules set.

e.g. Indicate all credits received for cancelled transactions ; Indicated services charges / other non direct transactions

So essentially the banks digital assistant will translate the CC Statements, into a story that the user can hear in say less than a minute. As a further extension, voice based queries can be answered by the same assistant.

Numbers to stories(Text) is a fairly mature tech.

Alternatively, if we are using AR/VR, we can explore the assistant visually explain the spend pattern and transaction based on the rule set.

The voice summary will avoid detailed screening manually ! However the catch is it to define smart custom rules.Do let me know your thoughts.

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I agree, audio notification based on a set of preliminary rules could be a possible solve.

Isn’t audio overkill when we simply require a clean credit card statement.

This is under the assumption we all like to hear versus read, might still act as an add-on /exclusive feature, but with everyone trying to ace the neo-banking model, these minute integrations does act as a steady product differentiator.

I disagree on this :frowning_face:

If you have to prioritise between these two what would you do Parineeta :slight_smile:

Yes, like @Parineeta_Banerjee mentioned, Voice is the only medium that lets us do multitasking without the need to be fully glued on - Just like the old radio days !

And @sss , I think one is a physical design issue, the other is a digital feature issue.
The voice feature can be an add on and you can chose not to set rules / utilize it. For users who still need a report, designers can look at ways to make the existing reports more reader friendly.
( Even our regular mails that we use in outlook has a read out feature, which we may use / choose not to use.)

Hey Krishnan @Parineeta_Banerjee @sss,
I can co-relate this specific actin with listening to audiobooks/ podcasts. It specifically hasn’t worked with me while multitasking (read walking) because one is mindful of traffic etc. There is information to consume which is easily lost Vs listening to music - I am okay if I miss a verse of a song, doesn’t matter too much.

When I think of voice I think of customized notification sounds, one wouldn’t notice it consciously (think of Netflix jingle on starting, Samsung Bixby notification, apple iMessage ping) all mean something specific and the user has been able to associate it with it. What are your thoughts around that?

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Yes, this would be a great idea. We can customize a particular notification sound for every credit / debit action. The only challenge i see is, as we approach a more holistic banking service that has multiple modes e.g. Pay Later, CC, Debit etc. the design should be careful not to clutter otherwise we will have to again visually check the source of the particular audio notification.

I agree it has the potential to work amazingly with a single / dual source of payment instrument.

Also, as this tech. matures, one has to be careful of false alarms :slight_smile: just like we pick our phone to check when the neighbor also has the same ring tone !