MoneyHive - Stay on top of all your financial transactions

Problem Statement

Singaporeans who manage multiple bank and credit card accounts struggle with consolidating their financial transactions due to:

• Inconsistent file formats (PDF, CSV) across banks
• Time-consuming manual data entry and reconciliation
• Limited integration with personal finance tools

Without an efficient way to standardize and aggregate financial data, users are unable to analyze their finances, maximize benefits such as credit card miles, cash rebates, and optimized interest rates. Existing solutions like SGFinDex only provide account balances, but lack transaction-level data aggregation.

How might we help Singaporeans with multiple bank and credit card accounts automatically aggregate their transactions from various file types and formats into a standardised format for easier financial analysis and planning?

Research Insights

Our research began with a survey of 78 working professionals who manage multiple financial obligations, use various banking and payment platforms, and are either interested in or currently practice financial tracking. We supplemented this with in-depth interviews with four, and conducted market analysis of money management apps including Seedly, Dobin, Tosh, Walley, Money Manager, SGFinDex, Spendee, YNAB, Monarch Money and spreadsheet solutions like Tiller.

Our survey reviewed that respondents begin to feel noticeable frustration with tracking when the total number of accounts reaches around 5 or more savings and/or credit card accounts. Here's a breakdown of frustration levels:

• Managing Multiple Accounts/Platforms: Frustration starts to increase significantly from 5 accounts and continues to rise as the number of accounts increases, reaching a peak at 17 accounts.
• Manual Data Entry: Frustration increases from 5 accounts and remains high for most respondents with 6 or more accounts.
• Reconciling Transactions: Difficulty starts rising from 5 accounts becoming more pronounced as the total number of accounts increases.

Other insights include:

• Approximately 74.3% of respondents hold 5 or more savings and/or credit card accounts. This indicates that a significant portion of respondents likely faces frustration with managing multiple accounts, as highlighted earlier.
• 48.1% of respondents with 5 or more accounts review their finances on a monthly basis
• 50% of respondents spend between 16-60 minutes per month on tracking. Some (5.8%) report spending 1-2 hours or longer (5.8%).
• Many use a combination of individual banking apps (41.4%) and spreadsheets (31%)
• The top two features highly desired by this group (5 or more accounts) are automatic data import and spending analysis/insights

Thus, the frustration with managing and consolidating data from multiple accounts tends to grow noticeably from around 5 accounts and continues to worsen as the number of accounts increases.

Problem/Opportunity Size

Determining the addressable market of Singaporeans who own five or more savings and/or credit cards is challenging due to limited publicly available data. However, we can make an informed estimation based on existing statistics:

• Bank Account Ownership: In 2020, Singapore had approximately 2,404.87 bank accounts per 1,000 adults, indicating that, on average, each adult holds about 2.4 bank accounts (min 1.97 - max 2.40).
• Credit Card Ownership: In 2023, about 48.9% of Singaporeans aged 15 and above possessed at least one credit card. A 2011 survey by HSBC indicated that Singaporean cardholders owned an average of 3.3 credit cards each. Assuming this percentage remained consistent into 2024, approximately 2.95 million individuals (48.9% of 6.04 million - SG population as of June 2024) are credit cardholders.

If we conservatively estimate that around 35% of these credit cardholders own three or more cards, this would suggest that approximately 1.03 million Singaporeans (35% of 2.95 million) hold at least three credit cards. Additionally, considering that most adults in Singapore have at least one savings account, and many maintain multiple accounts across different banks, a significant portion of these individuals likely hold a combination of five or more financial accounts (including both credit cards and savings accounts). This suggests that the total addressable market of Singaporeans with at least five financial accounts (including savings and credit cards) is approximately 1.03 million, depending on the distribution of multiple savings accounts among this group.

Our Hypothesis

We believe that a unified platform that standardizes and consolidates uploaded bank statements will significantly reduce manual effort and enable users to spend more time on financial analysis and planning.

Our research shows that users spend up to 3 hours manually reconciling transactions, and 74% of young adults (25-45 years old) struggle with fragmented financial data.

Our Solution

A web application that helps users aggregate and analyze financial data efficiently by:

• Uploading bank statements in various formats (PDF, CSV).
• Converting them into a standardized format for easy processing.
• Providing a unified view of transactions across multiple accounts.
• Allowing CSV exports for further analysis in preferred financial tools.
• (Stretch goal) AI-powered insights and recommendations to enhance financial decision-making.

The Team

Left to right: Zen, Sabrina, Petrina, Nicholas, Cui Xia, Ebin