We know that there can often be a lot of uncategorised transactions in the OpenBanking data. Particularly in the Income and Wants classifications.
This is less than ideal, as it increases the time you spend assessing the applicant's financials.
The reason for this is basic, we simply don't know what the references for those transactions relate to. Are they wages? Are they rent payments? Or purchases at the local corner shop?
We at NestEgg don't have the local knowledge that is critical in classifying these transactions. However, with your help we can greatly reduce the number and frequency of uncategorised transactions.
That's why today, I'm asking you to hit that chat button any time you see a transaction that you know how to categorise. Just copy the payment reference, tell me what it is e.g. wages, corner shop, hairdresser etc.
I'll do the rest.
The same goes for any mis-categorised transactions.
Together we can greatly increase the accuracy and reliability of the Open Banking categorisation. Over time this will translate into us spotting discrepancies between the applicants credit file and their transactional data, for example a loan repayment that doesn't appear on their open accounts. Potentially allowing rules that can be triggered based on this data.