Have you been checking out insights lately? Just curious to know how you consume the data provided to you. Does it help you make a better conscious decision? What else do you think can be improved in this feature?
Oh and, weāre working on the tags feature. This feature will help in further identifying and categorizing debit & credit transactions. Tags can be used by a user to search specifically for certain transactions using filters.
Tagging transactions would help solve the following problems:
I canāt remember where I spent & how much ā tags would enhance the existing solution of spend/income categorization.
I want to monitor and pay my āneedā expenses on time
Eg. For some txns, Jupiter is not able to tag them ā and if such txns are multiple ā then it becomes cumbersome to tag it to particular category ā if, there is an option to select multiple lines items and tag; the experience would be notch higher.
I think the auto-categorisation should be replaced totally by tags. Because having two features which serves the same purpose is cumbersome.
User customisable tagging along with an option to add comments would be really awesome. Something like Bear Notes (photo attached below)
Because some people might just want to categorise purchases on basis of priority like rather than food, travel, etc.
Or maybe they need to assign multiple tags to a single payments. A tagging system altogether would be far more superior and flexible. That would also filter out the amount of people who use Jupiter casually vs the one who are actually utilising the insights feature.
In case of an ATM debit, a side column can also be created based on the withdrawal so that the user can come back to the app and micro-manage the cash he withdrew from the atm and categorise expenditures in the app.
Another cool thing that can be done is creating a location based timeline of payments that you make via your app/card POS. Something like what Apple Card does. (image attached below)
This can be a quite creative approach to how some users can see their heatmaps about where they spend the most. Ultimately, some expenditures can be psychological.
If a street makes you pay more when you walk over it, thatās just a monthly subscription of walking in that area. Can be avoided. But got to notice it first.
if itās not overkill, whatās a neobank worth?
but on a serious note, many expenses are psychological impulse which some people fail to notice. So, itās a nice way to track.
I never intended these features to be implemented on an average user. An average user is happy making his payments using Google Pay/ PhonePe with no tracking or expense management whatsoever.
But Jupiter is about giving āInsightsā so as to speak. So maybe for example, I make frequent payments, say at a local kiraana store. That area would appear more red. If i choose to click on it, it would show #groceries for most of my payments. Iād know that these payments are my everyday. However, if you see another red area which you are unaware of, you can tap on it to realise that āoh maybe i am spending way to much on my local cafe tagged with #foodā
I just think that visual cues can be much more indicative of your behaviour across.
First of all I believe neo bankās primiary moto is that it strives to provide simpler and more efficient finanical/banking services to the average users.
Secondly if I click the insights in the jupiter app and if I see my spending is higher in groceries, shopping etc., I could instantly recognise where these regular expenses were made. Beecause I already know very well where I do regular shopping. For instance if I see high spending under shopping I instantly know that Iām spending more on Amazon. For others it could be local store where they do regular spending and they could also instantly able to recognise the same.
So my argument is that the extra step Location heatmap sounds cool but not necessary as it just an extra step into insights.
Everyone can have different definitions regarding what neo-banks means to them. I think your POV is also correct, however I look at it more from an enthusiast standpoint.
agreed on that front, but not every merchant is sophisticated when listed on your statement. Some would have very weird names and at that point in analysis youāll keep scratching your head about where that payment was made. In case you make a lot of digital payments.
I canāt comment anything on that honestly. Because we can have different use cases. Although I know in terms of having scalability, it is a terrible idea. But enthusiasts might be into it.
However, thanks for the conversation. really appreciated
Sounds like a plan! Way to begin March, Team Jupiter.
Iām curious about how Jupiter handles insights about my other bank account though. UPI works with my other bank, so I ended up using that bank as my primary in Jupiter for my mainstay (until you guys fix my Jupiter UPI linkage problem).
The concern is, would Jupiter recognise those transactions done with the other bank UPI and add it to my account insights info? Or is it just Jupiter UPI transactions?
@nateavi Itās only for the the transactions you make via Jupiter account. Including credit transfers!
This also includes using Jupiter UPI on other apps.
Ouch. Itād be awesome if Jupiter could tag transactions done via other bank UPIs too. Technically, arenāt they going through Jupiterās app?
I can see them in the transactional records.
Itād be cool. But I understand if there are challenges to pull that integration.
This feature is so close to the already existing feature set that building wonāt take much time and the effect on usability will be enormous.
The single most important feature to me is the categories feature. Every transaction is categorized, and the data makes personal finance[at least expenditure] so nice and clear. But a selected few categories donāt work for everyone. Students will want different categories than professionals, and different professional will want different ones too.
I did try adjusting to the given ones, but itās simply frustrating to have the feature and then not be able to categorize the things I want to.
Now I have to remember, āThis thing I have put under servicesā and these under" miscellaneous" and these under āpetsā because I need a category and I have no pets. The existing number of categories might do the work very well, if only Jupiter could add custom categories.
The tags feature is too many clicks for instant regular use, couldnāt keep doing that after trying it for a dozen or so transactions.
rather than food, travel, etc.
