Summary
Nance gets your financial data by securely connecting to your bank accounts and retrieving transaction information through authorized financial data systems. This allows Nance to access your transaction history and account activity without requiring manual entry.
How Nance Retrieves Your Financial Data
Nance collects financial data by establishing a secure connection with your bank accounts after you choose to connect them inside the app. This connection allows Nance to receive information such as your transactions and account activity so it can organize and analyze your finances.
1. Connecting your bank account
When you add a bank account in Nance, you authorize the app to access your financial information through a secure banking connection. This permission allows Nance to retrieve financial data that is necessary for tracking and analyzing your spending.
2. Accessing transaction and account information
After the connection is established, Nance receives financial information such as:
- transaction history
- transaction details (amount, date, merchant description)
- payment channel information (UPI, card, ATM, etc.)
- account activity needed for financial analysis
This information allows Nance to automatically populate your transaction list and generate financial insights.
3. Refreshing financial data
Nance periodically refreshes your financial data to keep your transactions and account activity updated. During each refresh, the system checks for new transactions and updates your financial records accordingly.
4. Organizing and analyzing the data
Once the data is retrieved, Nance organizes the transactions by category, payment channel, and other financial attributes. This structured data is then used to generate insights, comparisons, budgets, and reports.
5. Optional manual entries
In addition to bank transactions, Nance allows you to manually add cash transactions so that spending outside of bank accounts can also be tracked and included in your financial insights.
Because Nance relies on connected financial accounts to retrieve transaction data, at least one bank account must remain connected for the app to function properly.