New Insights features

By Benoit Billington

As of today, the Insights in the Cake app have gotten a complete redesign! Now it will be a lot easier for you to read, understand and get useful insights into your finances. Read on to see what has been changed and how you can use the updated features to master your financial wellbeing!

At Cake, we aim to improve the financial well-being of our users. To do this, we are offering functionalities to better understand, control, and improve your finances. Our Insights features provide you with an overview of your data and help you spot any unusual spending. And those Insights features have just gotten a lot better and easier to use!

The updated Insights features will allow you to see insights for specific groups of transactions like categories, subcategories, merchants, and people. Secondly, every group of transactions can be viewed for a specific timeframe, whether it’s years, months, weeks, or days.

Let’s show you how the new Insights pages help you get these insights! Before we start: remember that a bank account needs to be connected to get up-to-date dashboards in your app. You can easily link one by clicking the button below on your mobile phone!

Dashboard

“How have I been doing this month?”

The Dashboard will be the first screen you see when you open the Insights tab. Here you will find your main overview of the current month along with some easy-to-read insights into your top spending categories and beneficiaries, and an overview of your savings and investments (if applicable). Right now, the dashboard timeframe is set to the current month and cannot be changed, but you will be able to switch to previous months with the next update!

By long-pressing one of the summaries in the dashboard, you will get to see all the transactions included in that summary. You can also short-tap each of the months, categories, and merchants to get a detailed reporting view. Read on to see what you can learn from these detailed views! 

Long-pressing and short-tapping

Long pressing on a mobile phone means touching and holding your finger in the same place until you get taken to the next screen. This is different from (short) tapping, which is when you touch an element very shortly. In a lot of mobile apps, like Cake, long pressing and short tapping results in a different outcome.

Reporting overviews

Each card in the main dashboard can be clicked to open the detailed reporting view. Based on what type of card is clicked, this view will look different.

Detailed overview

“What’s behind these numbers? How has my spending evolved this year?”

You can see your monthly overview by shortly tapping the Cashflow, Income, or Spending reports. The monthly overview will give you a more detailed overview of your key figures, as well as week-by-week statistics, top categories and beneficiaries, and recent transactions of the month. This is the place to go to if you want to have a deeper look into the finances of a specific month! With our time selector, you can now change the period to see an overview of your yearly, quarterly, weekly spending. 

Category overview

“How much have I spent on Food & Drinks in the last 30 days? Or on clothing & accessories in 2020?

The category overview can be accessed by tapping a category in the Dashboard or on the category of an individual transaction. This will show an aggregated view of all transactions in that category over a certain timeframe, which you can change. You will be able to see useful data such as your spending or income for the category, number of transactions, largest transaction, and average daily spending. You will also see a month-by-month summary, as well as your top subcategories, top beneficiaries, and recent transactions in the category. You will even be able to deep-dive to see insights for a specific subcategory.

Beneficiary overview

“How much have I paid my landlord in total? Which friend sent me the most money last year?”

The beneficiary overview is very similar to the category overview. It can be opened by clicking on a beneficiary in the Dashboard or on the “Discover” action in a transaction. This summary gives you an overview of your total spending or income at a certain merchant, with total spending/income amount, number of transactions, largest transactions, and average daily spending. Just like the category overview, you will also see month-by-month spending and recent transactions here.

Other actions

When going back to the main Dashboard, you’ll notice that there are several “other actions” at the bottom of the page. These will let you discover insights of the whole year, see all transactions for your bank accounts and enrich unknown transactions to improve the accuracy of your insights. Remember, Cake automatically enriches a lot of transactions but some merchants are not yet known in our database. By enriching these remaining transactions manually, you are making sure your Cake app gives you the most correct insights into your finances.  And you’re helping the app become better for everyone, the more people giving feedback the smarter our system gets!

What’s next for Insights

Of course, we won’t stop here. We will continue improving our Insights page as we get feedback from our users. Next up is a filtering/searching functionality to quickly explore your spending for a specific category or merchant! If there’s still something you would like to see differently, you can always reach out to us  via henry@cake.app, our in-app chat or our public roadmap.

Ready to roll?

Our new Insights are waiting for you, open your Cake app and go discover them! Or just click this link if you are on your mobile phone and let us do the rest.

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