Institutions not contracted for Geezeo
Depending on the institution, transaction enrichment will be enabled March 7, 2023 (pushed back from February 21) or March 21, 2023. For more information, please refer to the SLA sent on January 25, 2023.
Institutions contracted for Geezeo
For information on when transaction enrichment will be available in Banno Apps, please refer to the SLA sent on January 25, 2023.
Using Geezeo’s enrichment engine, Banno Apps gives end users the ability to organize their purchases and improve their financial health. By default, a spending category is automatically assigned to each transaction, as well as a cleansed memo, so that end users gain a better understanding of their transactions. A corresponding Spending by category card—designed to look like a spending wheel—also displays on the Banno dashboard for end users to view their spending across all categories.
Banno offers transaction enrichment functionality at zero-cost. We automatically enable it for every institution, making it visible to all end users in Banno Apps. For Banno Mobile, transaction enrichment enhancement reflects in version 3.0.
Considerations for institutions that pre-date transaction enrichments
Prior to enabling transaction enrichment for your institution, we began running transactions through our enrichment engine behind the scene. When we enable the functionality, end users will see a short history of enriched transactions going back couple of months or less. The timeframe will vary from institution to institution, because it depends when we first began enriching transactions. Transactions prior to being processed through the enrichment engine display with a Not enriched spending category and the same transaction title—also known as the memo—that core returned.
As the Geezeo enrichment engine processes a transaction, it assigns the transaction one spending category from a list of 18 different predefined categories. Each category has specific icon and color associated with it that cannot be customized. The color and category icon also correspond with the spending wheel in the Spending by category dashboard card so the end user can review their spending habits.
If the enrichment engine is unable to enrich a transaction or there is an error in the process, the Not enriched spending category assigns to the transaction and defaults to display the memo description that core returns.
Change spending category
For institutions contracted for Geezeo, end users can change the default spending category or add a custom spending category within the Geezeo SSO. If a spending category is changed to another pre-existing default spending category, the transaction updates and displays the same in Banno Apps. If a spending category is changed to a custom category, the change displays as Miscellaneous in Banno Apps.
Edit transaction name
For institutions contracted for Geezeo, end users can edit the transaction name—also known as the memo—within the Geezeo SSO. These changes display in the Geezeo SSO, but will display differently in Banno Apps. If the end user edits the transaction name, the name will not display in Banno Apps—we’re working to bring the same functionality to Banno Apps.
Considerations for institutions that pre-date transaction enrichments
If your institution started using Banno before we enabled transaction enrichments, it’s important to understand that enrichments impact the user experience. Before Banno Apps automatically provided transaction enrichments, end users had the option to add categorical tags to their transactions. Now that we utilize automatic transaction categorization, which began with Banno Mobile™ version 3.0, legacy tags are no longer supported.
After we enable transaction enrichment, end users can no longer add new tags or change tags but they can still view and search tags that they previously added. This functionality applies to Banno Online only as legacy tags will be removed altogether from Banno Mobile. End users who utilized legacy tags will be glad to know that our future plans for transaction enrichment involve adding even more categories plus allowing accountholders to customize their own.
Activity views and details
When an end user views their Transactions or All activity, the spending category icon displays on the furthest left-side of the transaction, with the merchant and date next to it. At the bottom of the transaction details, a transaction title—also known as the memo—from core displays, as well as the text Transaction category information automatically generated. The same default transaction details display as prior to enabling transaction enrichment.
Spending by category dashboard card
The Spending by category dashboard card displays in Banno Online is available to all institutions at zero cost. It offers a detailed overview of how an end user spends their money, allowing them to analyze where they spent their money over the last week (past 7 days), last month (past 30 days), three months (past 90 days), or six months (past 180 days). Each time the end user logs in to Banno Apps, the Spending by category dashboard card automatically syncs the end user’s accounts to display the transaction information by time frame and category. In the card, an end user can filter which accounts to view their spending habits. They can also select if they want to view their spending in a chart or list format. For institutions contracted with Geezeo, end users can interact with the spending wheel in the SSO for further understanding of their purchase history.
For institutions that were current Banno customers when transaction enrichment was enabled, you can add the Spending by category dashboard card by configuring the default dashboard in Banno People. If an end user has already re-organized their dashboard, they will need to manually add the card for it to display on their dashboard.
- Banno People
- select user
In Banno People, admin users view the same spending category icons and cleansed memos as the end user in Banno Apps. For institutions contracted for Geezeo, admin users are unable to view changes that an end user makes in the Geezeo SSO. We’re working to bring the same functionality to Banno People.
- Are category icons and colors customizable?
- Category icons and colors are designed by default and cannot be modified.
- Why does the spending wheel display the same data for different time periods that are selected (one week vs six months)?
- The spending wheel is not compatible with transactions that pre-date the transaction enrichment feature. Therefore, if the end user selects a time period that started before Banno Apps automatically enriched transactions and a second time period that started afterward, the spending wheel will display the same data—i.e. the enriched data—for both durations. End users should be advised that this type of duplicate data (for separate time periods) indicates the need to select a shorter time period. This limitation will not be an issue once there has been six months of transaction enrichment (the longest time period on the spending wheel).