July Product Update
July Product Update
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Product updates
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July 2018

July Product Update

Another exciting product update from Coconut. We welcomed a new board member, started testing an early version of our Android app, and developed a few new extra features that will benefit everyone.

Adam Goodall
Adam Goodall
Co-founder & Chief of Product at Coconut
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It’s been an exciting month at Coconut. We're one of 12 companies through to the stage 2 final for the Open Up Challenge, Anthony Browne joined our board and we've started pre-approving people for Android accounts. We've released more features to our iOS app, with some big updates in the pipeline.

Export your bank statement

We’ve been testing our statements functionality for the last couple of months, and we’re delighted to now add this to the app.This works in much the same way as the ability to export your data in CSV and OFX.

export feature for coconut in app

Business or pleasure?

One of the big reasons people sign up to Coconut is to split their business from their personal expenses. There’s a mindset that comes with freelancing that we want to encourage, and that’s thinking of your business and personal matters as two separate things.When you work for yourself, it’s easy for the two to become muddled. You’re doing what you love, so that’s only natural, but having boundaries is important for a few reasons:

  1. Organisation: Keeping your business records separate from your personal ones makes life much easier, as you're able to keep track of how your business is doing without having to filter out personal spending.
  2. Professionalism: Creating a brand identity for your business lets you keep your professional image separate from your personal one. Like having a public instagram profile for your business, whilst keeping your personal one private. Having a bank account in your business' name helps with this too.
  3. Wellbeing: It’s important to take time off and avoid the burnout that comes with constantly working. Thinking of your business as separate from your personal life helps you to draw a line between the two, and make time for yourself.

To align our app better with this thinking, we’ve separated your profile into your Personal Profile and your Business Profile.

Business or Pleasure

Behind the Scenes

It’s important to us that Coconut works in real-time. Traditional banks tend to work on a “settlement” basis, which is why transactions usually show up on your bank statement the day after they happen.In this recent release, we’ve improved the way we process transactions, making sure that we’re handling payments more effectively so your transactions list is totally accurate.On top of this, we’ve been improving our support tools to help us manage the conversations we have with our community every day, plus enhancing our monitoring to help fight financial crime. Safeguarding our accounts from people looking to use them fraudulently is something we have to continually focus on and evolve with. We’ve been doing a lot of work behind the scenes to ensure we keep the bad guys out, and the good guys in.

Coming Next

We’ve got big plans to introduce invoicing, multiple accounts, sub-accounts and more over the next few months. But to fit new functionality in, we need to make a little more room in the app.Here’s our new Accounts view which combines our existing Activity and Card tabs. This includes a card tray at the top and account switcher. We'll be sharing more on this soon:

gif of coconut account expanded within app

As always, you can vote and comment on what features we work on next over on our product roadmap.

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Coconut is the trading name of Coconut Platform Ltd, company number 09904418. Coconut is registered with the Financial Conduct Authority (FCA) as an Account Information Service Provider under the Payment Services Regulations 2017 (reference 931194).

Coconut provides some customers with a business current account, but is not a bank. The Coconut current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd, which is an electronic money institution authorised by the FCA under the Electronic Money Regulations 2011 (reference 900010) for the issuing of electronic money.

PPS holds all funds in a safeguarded account in accordance with the Electronic Money Regulations 2011 which protects customers against Coconut or PPS’s insolvency. The Coconut Mastercard is also issued by PPS pursuant to a licence by Mastercard International.
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