Partnering with San Francisco-based fintech startup Plaid, Microsoft has developed a new software app know as Money in Excel.
The app will allow people to automatically import their bank and credit card account data into the personal finance tool. In its initial phase, the software will be available to Microsoft 365 subscribers in the United States of America.
How the Money in Excel App Works
- With the Money in Excel app, users can manage, track and analyse their money while keeping track of their spending habits, all within the space of the Excel spreadsheet application.
- Financial accounts are connected via a Plaid Link from within Excel. This means users can import transactions and account balances automatically via connections with over 11,000 financial institutions in the USA, Canada and also Europe.
According to Plaid, in the US, the app supports nearly every institution from the major retail banks to community credit unions. Money in Excel users will get a monthly snapshot that features personalized charts and graphs, collated from your data. The app can also be customized using templates that are most relevant to a user’s spending patterns, flagging up key areas such as recurring expenses, net worth and more.
In a blog post made by Plaid’s COO, Eric Sager, “Money in Excel is powered by Plaid and essentially turns the spreadsheet software into a fintech app – letting you sync your balances and transactions from financial accounts and easily categorize and analyze through charts and templates.”