An old role for banks?

The credit card companies want us to spend more, so they can get higher fees. To this end they push higher credit limits and new payment technologies (e.g. near-field payment systems). This makes paying easier and self-restraint more difficult than they already are because when using a card you don't feel the same loss you do when you part with cash. And, when you have credit, you don't stop spending when you run out of money for the week/month.

Traditionally banks were guardians of wealth, helping people to save. Perhaps they can take that positive role again. Here's how:

Instead of the 40 characters of text (or whatever) is currently gathered with each transaction for placing on the statement, banks computers should gather:

• The old one-line description, serving backwards compatibility, and as a heading.
• A link to the retailers web site for the transaction. This will remain private if it includes an unguessable address (e.g. many random digits)
• Lattitude and longitude of the transaction, if practicable.
• Exact time and date of the transaction.
• Which card (if multiple cards attached to account) was used.
• A breakdown of the items in the transaction (e.g. petrol $50, milk $3), including classifications.
• Details of taxes included (because this makes business expense claims easier).

Customers could also configure their cards to only accept certain transactions, or to place limit on some sorts of transactions, and not others. This is what encourages retailers to supply this data. e.g.

• A child could be given a card that provides him a regular allowance to be spent on anything, but also allows unlimited expenditure on local buses and trains.
• A person saving for a house can allow unlimited purchases of hard-to-control overheads (rent, insurance, petrol), while setting a budget for discretionary items.

Uses for the data:

• Classifying expenses makes it easy for households to work out where their money is going.
• Tax information makes it easy to reclaim tax credits from GST/VAT without separately keeping a receipt.
• Card holders automatically retain receipts for all transactions without needing to hold onto and file paper receipts.
• No more querying a charge, only to find that it was legitimate, with a strange (or just plain forgotten) name?

Why I might want this if I were a bank:

• If customers want this then they'll prefer your bank.
• This technology is inevitable in the very long term. Take first mover advantage and you'll get publicity and generate something you can sell.