Frequently asked questions
Data and Privacy
Q - How does Raaz keep my data safe?
Raaz uses state of the art, industry standard encryption during transmission of data. All data is stored in Omani data centers, with highest level of security and maintaining relevant certifications from International bodies including PCI DSS, ISO 27001, ISO 9001, ISO 27017 and ISO 27018. Raaz and its hosting provider complies with Oman’s Data Protection Law.
For extra privacy, Raaz creates a unique "Raaz ID" and and anonymizes your name. This means that no one can trace transactions back to individual names.
Q - Does Raaz share my personal data with anyone?
Raaz does not share personal information or specific transactional data with any third party.
How it works
Q - How does Raaz get my financial information
You are requested to download your bank statements (in pdf or csv format) from your banks’ mobile banking application, and then upload them to the Raaz application.
Q - How much data does Raaz need?
For best analysis and most insight, you should ideally provide statements covering the past 6 months during the initial setup.
Q - Which banks does Raaz support?
Raaz supports statements from all the main Oman based banks. However, some bank statements do not provide sufficient details (such as merchant names). While Raaz can still read these statements, it will not be able to categorize transactions.
Q - How many bank accounts can I add to my Raaz account
You can add as many bank accounts as you use. This includes savings and current accounts, as well as credit cards. Raaz aggregates data across all these accounts.
Q - Does Raaz detect transfers within my own bank accounts?
Yes, Raaz automatically determines transfers between accounts and excludes them from its reporting of income or expenses.
Q - How often should I upload my statements?
You should ideally upload statements once every week to get best tracking against the monthly budget.
Q - How does Raaz categorize my transactions?
Raaz uses a combination of Artificial Intelligence (AI) and Machine Learning (ML) to map merchants to categories. In cases where Raaz cannot determine the category for a transaction (for example a transfer to a mobile phone number, or if merchant name is not mentioned in the statement), Raaz will request you to categorize the transaction.
Q - What if Raaz categorizes something incorrectly?
If a transaction is categorized incorrectly, you can change its category. Raaz will remember your selection and this will help improve Raaz’s categorization over time.
Q - Can I create my own categories?
Yes, Raaz comes with a set of initial categories, but you can create your own.
Q - How do I set my budget?
You can set your expected monthly income and total expected monthly expenses. You can then allocate your expenses to some of the main categories. All remaining budget will automatically get allocated to an "Everything Else" budget item.
Q - Can Raaz track bills & recurring costs?
Raaz tries to determine recurring costs such as utility bills, EMIs and subscriptions based on your historical data. You can add recurring costs yourself as well.
Offers and Promotions
Q - Does Raaz personalize offers?
Raaz tries to show offers based on analysis of your spending and savings habits depending on the amount of information you provide. The more information, the more personalized the recommended offers will be.
Q - What data does Raaz share with its Partners?
Raaz does not share any individual information with partners. Raaz may share consolidated summaries across all users to allow for better personalization.
Financial Health Score (FHS)
Q - What is the Financial Health Score?
The Financial Health Score (FHS) is a simple way of estimating your Financial Health on a scale of 0-100. It gives an indication of how stable your finances are and whether you are able to withstand any emergency situations.
Q - How is the FHS Calculated?
The FHS is calculated using Raaz's proprietary formula. It is based on three elements. 1) how much you spend compared to your income on a monthly basis. 2) How long would you be able to sustain your expenses in case of an emergency or loss of income. 3) How stable or variable your income is on a monthly basis. Raaz has its own proprietary formula to calculate the FHS and the formula may be adjusted over time as more information is available. Finally, Raaz requires at least 6 full months of data for the most accurate calculation of the FHS. The FHS is lower if less than 6 months of data is provided.
Q - How is the FHS used?
The FHS is primarily for you to get a sense of your financial wellness. In addition, Raaz may personalize offers presented to you based on your FHS. It is not shared with any external parties.
Q - Is the FHS the same as my Credit Score?
The FHS is a proprietary Raaz concept. It is not the same as a credit score that you may receive from Credit Rating Agencies such as Mala’a, and is not used by banks or financial institutions to determine your creditworthiness or make credit decisions.
Other General Questions
Q - Who is Raaz for?
Raaz is for anyone looking to improve their financial wellbeing, achieve their goals, and improve their quality of life. Families and households can combine several bank accounts to get a holistic view of their finances, set budgets and track actual spending. Young professionals can start planning for their future.
Q - How will Raaz help me?
Raaz provides you with visibility into your spending and saving habits. It brings attention to areas where you might want to reduce spending. Most importantly, it recommends products, services and offers that help you spend less or grow your savings.
Q - Is Raaz free?
Yes, Raaz is free for all users. Raaz does not have a premium subscription version.
Q - Will Raaz affect my bank balance or my Credit Score?
Raaz only analyzes data that you have shared and uses that data internally to make personalized recommendations and offers. It does not share your information with any third parties and does not provide any banking products or services.
Q - Can I use Raaz even if I'm not good with numbers?
Raaz was made to simplify dealing with financial information. It takes away the effort of calculations and presents information in a simple way that anyone can understand. It helps improve financial literacy for all.
Q - What if I want to delete my Raaz account?
Please send an email to support@raaz-app.com with your Raaz ID. Raaz will delete your personal information and any information about your bank accounts. However, Raaz may retain transaction details as required by data retention regulations and overall trend analysis. This data will no longer be able to be traced to you or your bank accounts.