Message understood: you, our customers gave us feedback about the finAPI transaction categories and based on that feedback we decided to implement a major improvement of our category system.
We are going to replace the existing finAPI category set with a smaller (from 14 down to 12 top-level categories and from 125 down to 66 sub-categories) and better category set while preserving the classification power of everything our self-learning classifier has learned so far.
Advantages for finAPI customers and end users
Our new and significantly smaller category set means better usability for your end users: no more long searches for the right category. Instead your users can quickly pick a category from a concise, comprehensive and intuitive set of categories.
Through the new and smaller category set, even more transactions can be assigned to a category automatically (improved recall) and at the same time the percentage of correct classifications increases (improved precision). We're taking categorization to a new level.
The new category set has a higher relevance for end users. We analyzed the usage of categories and what can be done with the information that a transaction is assigned to a category. The result is a set of categories that makes it easier for your end users to reduce spendings, find better deals for contracts and invest for retirement.
When is the new category set rolled out?
We are planning to roll out the new category set with our release planned for Dec 7 release (or a few days later).
What does this mean for you as finAPI customer?
We strive to make the transition as easy as possible for you. We are taking care of all migrations inside finAPI. We are moving all transactions to new categories and rolling out the new category set. Given the large amount of transaction data in finAPI, a longer maintenance downtime than usual must be expected. We'll keep you updated once we have the maintenance window scheduled.
All old finAPI categories will be deleted and new categories with different IDs will be created in finAPI. This means that if you happen to rely on category IDs in some way in your app (e.g. you have created logos for a finAPI category), you will have to perform migration actions as well. Please contact our support, if you need help with the migration.
New set of categories and mapping
The new set of categories and the mapping from the old categories is attached as a PDF to this article.