Explainer

Fixing Bank Connectivity Issues With Skwad

Apr 30, 2024

If you've used popular personal finance apps and budgeting tools, you know their biggest pain point—constant connectivity issues with banks that require reconnecting accounts and repeatedly re-entering login credentials. Skwad's design is a bit different, ensuring you can track all your accounts in one place, regardless of where you bank.

Other apps rely on integrations that directly sync with your online banking portals. While convenient in theory, this connectivity model is often fragile and prone to endless breakdowns. Any of a bank's routine updates can break the connection in finance apps, forcing you to re-enter your passwords and 2FA codes for every bank account and credit card.

It's an incredibly frustrating experience that wastes time, compromises account security by sharing login details with third parties and exemplifies the pitfalls of relying on fundamentally fragile integrations.

Skwad's Seamless, Passwordless Approach

At Skwad, we knew there had to be a smarter way to provide comprehensive financial insights without the headaches of direct bank connectivity. That's why we created a passwordless approach that harnesses the real-time alerts and notifications you already receive from your bank today.

Instead of asking users to share private banking credentials, Skwad ensures security by monitoring and processing deposit alerts, payment receipts, and expense notifications sent directly from financial institutions.

With Skwad, you can reclaim your time. Our system seamlessly reads your bank's alerts, extracting critical data like amounts, merchants, payment types, and more. It then automatically categorizes and records the activity, all without you ever having to lift a finger! This means you can focus on what matters most while Skwad handles your financial tracking, saving you valuable time.

Here's how it works:

  • You update your notifications to send income updates, payment receipts, refunds, and expense notifications to a dedicated Skwad scan email address. For instance, if you receive a notification about a direct deposit, a payment confirmation, or a refund, Skwad can process these and update your finance dashboard accordingly.
  • Skwad monitors the inbox and seamlessly reads emails, extracting all critical data—amounts, merchants, dates, payment types, and more. It then automatically categorizes and organizes that transaction activity into your secure Skwad finance dashboard. For example, your paycheck direct deposit notification would get forwarded from your bank to [email protected]. Skwad parses the deposit amount and categorizes it as 'Income.'
  • This process, which used to take several minutes or even hours, is now done in seconds, empowering you to make the most of your time. When you get an Uber receipt, it goes to the same email address where Skwad logs the ride as a "Transportation" expense. Your monthly Visa statement summary is processed the same way.

This modern, notification-driven approach means:

  • No more authenticating accounts or managing connections
  • No risk of exposing sensitive login details to third parties
  • No hiccups from website redesigns or new security requirements
  • Fully automated syncing directly from the source

Your financial life is effortlessly organized into a clean, real-time dashboard using the updates you're already receiving. And since the underlying data comes straight from the sources, there's no fragile middleware to break down. Our interface is intuitive and user-friendly, making it easy to navigate and understand your financial situation at a glance.

With Skwad, you can finally experience frictionless finance tracking without the headaches of bank connectivity—no more seemingly endless cycles of reconnecting accounts to access your financial history. We understand the frustration and stress this can cause, and we're here to provide a solution that works for you, relieving you from the burden of managing multiple logins and connections.

Keep broken integrations and resyncing from holding you back any longer. Take the first step towards a more streamlined financial life.

Get a better understanding of your finances today.

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