Summary
Nance works by securely connecting to your financial accounts, collecting your transaction data, and organizing it into meaningful insights and tools that help you understand and manage your finances in one place.
How Nance Processes and Organizes Your Financial Data
Nance is designed to automatically bring together your financial information so you can clearly see how your money moves and how you are spending it.
The process generally works in three main stages: connecting accounts, collecting financial data, and analyzing that data.
1. Connecting your financial accounts
To start using Nance, you connect at least one bank account to the app. Nance uses secure financial data connections to retrieve transaction information from your bank. Because Nance relies on this data to provide insights and analysis, at least one bank account must remain connected for the app to function.
2. Collecting transaction data
Once an account is connected, Nance periodically refreshes your financial data and retrieves your transactions and account activity. This allows the app to keep your spending and balances updated without requiring manual entry.
In addition to bank transactions, you can also record cash transactions manually so your financial picture remains complete.
3. Organizing and categorizing transactions
After transactions are received, Nance automatically organizes them by identifying merchants, payment channels (such as UPI, card, ATM, or cash), and spending categories. This structured organization allows the system to analyze how your money is being used.
If needed, you can adjust categories or add additional information to transactions to improve accuracy.
4. Generating insights and analytics
Nance then analyzes your financial activity to generate insights such as:
- spending by category
- spending trends over time
- comparisons with previous spending patterns
- average spending across categories
- payment channel breakdowns
These insights help you understand your financial behavior rather than just viewing raw transactions.
5. Using financial tools and AI assistance
Nance provides additional tools built on top of this data, including:
- Smart Budgets to track spending limits
- Smart Groups to analyze spending across selected categories or accounts
- Saved Reports to store financial analyses
- Spending Channel analysis to understand how you pay
- Smart Scenarios and the AI assistant to answer financial questions using your data
By combining secure data connections, automated transaction organization, and financial analytics, Nance helps you turn everyday financial activity into clear insights about how you manage money.