As is true of virtually every growing industry, the world of financial services is being transformed by its ability to capture actionable data.

Banking institutions, although historically slow to adopt new practices, have the ability to capture tremendous amounts of valuable consumer data. The problem has been that this data, while impressive in its volume and potential, often has the organization and usefulness of a “data swamp”.

Institutions are more proactively exploring how such data can be used for good. Recognizing this opportunity was the inspiration behind the genesis of SPENDiD. It is important to remember that SPENDiD began as a consumer app. Its central reason for existence was to address a disturbing trend in our country: the startling lack of basic financial literacy and simple awareness of how to structure one’s month-to-month financial life in order to “make ends meet”. As time went on SPENDiD’s founders realized there existed a much wiser market approach to putting their newly developed demographic perspective to spending behavior in the hands of those needing it. That path was to offer an elegantly documented, highly scalable API to PFM apps and financial wellness platforms already “in the room” with customers and employees longing for a simple, sensible approach to understanding and improving their monthly cash flow health. By thoughtfully curating unbiased empirical datasets and indexes of already proven consumer behavior, SPENDiD might not have yet fully drained the data swamp, but has at least “filtered” it by retrieving and applying its truly valuable components.

Further enhancements to SPENDiD’s capabilities are planned or already in development, and all will abide by the premise of “Simple but not Easy”. There exists a critical difference between these two common words. Simple means “easily or quickly understood”, or the opposite of complicated. But what simple does not mean is “easy to create or develop”. In fact, the simpler something is to understand, often the more difficult it is to create. The difficult creation task has already been conquered by the team at SPENDiD, enabling our client partners to help their thousands or even millions of struggling employees or customers with the simple to understand results.

SPENDiD will remain “maniacally focused on the radically simple”. We believe the winners in fintech will be those who deliver simple to understand solutions, readily adopted by the masses. Here’s to draining the swamp!

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SPENDiD strives to spread financial peace of mind to the masses who dread, avoid, or abandon traditional budgeting processes.

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