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Seems like Wesabe hooked up to the bank network. Search and categorized transactions are cool, but does the categorization require manual tagging? I'm pressed

Seems like Wesabe hooked up to the bank network. Search and categorized transactions are cool, but does the categorization require manual tagging? I'm pressed for time in my day, and I am not going to spend more than 5 minutes to look at my bank statements, unless I'm specifically sitting down to budget. My biggest concern with a service like this is the time it's asking from you. So many services designed to "make my life simpler" actually require spending more time than just not using the service at all. For that reason, your mobile app needs to be killer.

Q6T46nT668w6i3m 15y ago
In addition to identifying (i.e. cleaning), we're automatically categorizing transactions.
jamesgagan 15y ago
I came to say the same thing - Wesabe had a similar concept of "safe to spend" and for me it made it a great app. I was disappointed to see them go under. Bank Simple doesn't appear to bring a whole lot new to the table.
- whakojacko 15y ago
  > Bank Simple doesn't appear to bring a whole lot new to the table. BankSimple, unlike Mint/Wesabe, is an actual bank* (*ok not techincally for regulatory reasons, but you will store money with them). You will keep/deposit your money there, and be able to spend it via BankSimple-branded debit cards. Its a whole additional level of integration over Mint/Wesabe, which are just web frontends to existing bank accounts
  - ThomPete 15y ago
    And this is actually very important to realize before you will begin to understand the completely different paradigm this allow for. It's a very big thing that it's not "just" a frontend. It means access to completely different kinds of data.
  - jamesgagan 15y ago
    I think you are wrong - From their own FAQ: So, what’s the deal...are you a bank? No, but we replace your current banking relationship. That is, BankSimple provides a modern online banking experience, top-notch customer service, and beautiful mobile apps. Our partner banks hold our customers’ funds in FDIC-insured products and ensure regulatory compliance. BankSimple’s partner banks aren’t large banks, and have been chosen for the safety of their balance sheets and technological capabilities. https://banksimple.com/faq/#whatthedealis https://banksimple.com/faq/#whatthedealis
andreyf 15y ago
If they're a bank, it's definitely possible to use machine learning to categorize the vast majority of your transactions.

Q6T46nT668w6i3m 15y ago

In addition to identifying (i.e. cleaning), we're automatically categorizing transactions.

jamesgagan 15y ago

I came to say the same thing - Wesabe had a similar concept of "safe to spend" and for me it made it a great app. I was disappointed to see them go under. Bank Simple doesn't appear to bring a whole lot new to the table.

whakojacko 15y ago
> Bank Simple doesn't appear to bring a whole lot new to the table. BankSimple, unlike Mint/Wesabe, is an actual bank* (*ok not techincally for regulatory reasons, but you will store money with them). You will keep/deposit your money there, and be able to spend it via BankSimple-branded debit cards. Its a whole additional level of integration over Mint/Wesabe, which are just web frontends to existing bank accounts
- ThomPete 15y ago
  And this is actually very important to realize before you will begin to understand the completely different paradigm this allow for. It's a very big thing that it's not "just" a frontend. It means access to completely different kinds of data.
- jamesgagan 15y ago
  I think you are wrong - From their own FAQ: So, what’s the deal...are you a bank? No, but we replace your current banking relationship. That is, BankSimple provides a modern online banking experience, top-notch customer service, and beautiful mobile apps. Our partner banks hold our customers’ funds in FDIC-insured products and ensure regulatory compliance. BankSimple’s partner banks aren’t large banks, and have been chosen for the safety of their balance sheets and technological capabilities. https://banksimple.com/faq/#whatthedealis https://banksimple.com/faq/#whatthedealis

andreyf 15y ago

If they're a bank, it's definitely possible to use machine learning to categorize the vast majority of your transactions.