The Plaid company has released a new transaction data categorization taxonomy for fintech apps to provide personalized spending insights to users. The new taxonomy includes 16 primary categories and 104 detailed categories, with the goal of simplifying categorization and reducing ambiguity. The new taxonomy is designed to be intuitive, convey the intent behind purchases, and accurately identify one correct category for each transaction. Plaid collaborated with several customers, including LendingTree and Bright Money, to test and refine the new taxonomy. The update aims to improve the accuracy of categorization predictions and provide better insights into user spending behavior.