And but it's far those little prices occurring on a every day foundation that emerge as difficult to hold tune of! Even for the phone generation like ours, the term monetary control still appears to be a piece fuzzy. While all of us know how a lot cash is pouring into our accounts, few people have a clean idea on how lots is pouring out on a day by day foundation. For most of us, monetary management and investment is something that we commonly do once a year on the onset of the (dreaded-with the aid of-maximum) IT submitting date. But what if it became viable to keep tune of our budget on a day by day basis with out feeling misplaced or befuddled?
Money View founded by way of Puneet Agarwal and Sanjay Aggarwal in March 2014 is one such startup which pursuits to simplify financial control for customers. The Bangalore primarily based startup’s center cognizance is to make economic control easy, smart and comfortable; thereby, allowing end-purchasers to manipulate their every day costs and price range in these days’s disorganised finance zone.
Puneet, who has spent over 15 years within the monetary technology area in US, says,
India is at a cusp wherein economic technology will purpose a large transformation. Everyone wants to make sure that they stay financially suit but it's far tough for a common guy to stay on pinnacle of his finances because it wishes loads of time, strength, and information. So we desired to make a at ease, easy, and clever personal economic management answer giving users the equipment to take the right financial selections. Hence, like our call, our USP is giving a ‘unmarried-view’ get entry to to all your money.
The fact that banks have been mandated by way of RBI to send notifications to their customers about every transaction related to their account, allows Money View to harness this data to construct on tools to track earnings and prices, giving the person a simple way to manipulate prices.
Show Me The Money!
A user who downloads the Money View app, could be capable of acquire a unmarried view get entry to to all the inflow and outflow from his bank bills. The app makes use of information from SMSes despatched from banks, merchants and other billers, after which automobile tracks, video display units and analyses the profits and spends of customers. Then it permits customers to ship a price range, and keeps them updated in actual time about their monthly spends.
Financial management thru the app is pretty easy and simple. The first view offers the customers a single view of in which their cash is. It lists out all the monetary money owed that one has, like bank debts, credit score card accounts, and loan money owed.
The second thing tells the consumer how much money he's spending and in which. It also auto-categorises one’s spending into classes consisting of food, lease, purchasing and many others.
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The 0.33 component is that the app permits the person to set a monthly budget, allowing actual-time finances management. At any given factor of time the app will inform the consumer how a good deal extra can he spend inside the the rest of the month.
As in keeping with Puneet, ensuring privacy and safety of user’s monetary data has been Money View’s precedence from day one. He points out that the records in an SMS, which it harnesses, is truely very harmless. It does not even comprise the person’s full account number. The app doesn’t read any OTP message send to the consumer’s telephone from banks/traders and neither does it seize any touchy information which includes email or password.
Similarly, so one can safeguard the privateness of the facts, Money View makes positive that it can’t be shared with absolutely everyone without the user’s consent. All the facts it gathers is extensively divided into consumer records and transaction statistics. What the app does is maintain the ones facts separate to keep it nameless so that even an employee of the startup cannot hyperlink the two. Thus it has set in place technical answers to make sure privateness of user records.
Target Market
Since the startup goals at monetary fitness for all, anyone with a financial institution account and a smartphone is a potential client. It is for this reason that Puneet and Sanjay do now not have any particular number of human beings they need to attain this 12 months but handiest grow similarly and end up the most desired personal assistant cash manager for as many human beings as feasible.
The Green Account
Money View operates on the philosophy of giving its customers a top level view of their monetary photo. So as soon as customers get into this field, it ends in saving extra cash which may be then channelised into investment products which can assist it grow further. Hence, it has partnered with ICICI Prudential Mutual Fund this month to release an app-based totally solution – the Green Account platform.
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Through the Green platform, it'll offer exceptional products—Savings+ and Tax Saver+—permitting customers to take a step beforehand in the direction of financial fitness through saving cash and to develop it quicker.
Savings+ is designed as a suitable alternative to conventional saving alternatives. It allows customers to park them in Liquid Funds supplied by using ICICI Prudential Mutual Fund. Meanwhile, the Tax Saver+, the second product provided via this partnership, allows users keep on their tax by means of investing in Equity Linked Savings Scheme (ELSS) alternative furnished by way of ICICI Prudential Mutual Fund.
Puneet says, “The Savings+ account enables users to transfer excess money to a cash market account, therefore allowing them to put money into debt contraptions digitally. These instruments are high go back, low hazard offering nearly twice the returns offered through banks, and users can withdraw money from them any time in contrast to an FD. In truth, thru the app, the complete investment manner simply takes 30 seconds if you are KYC-enabled. If no longer, we come up with a paperless KYC manner to get you to begin investing in two days.”
Consequently, with the launch, the app transitions from being a budget control app to a private cash manager via presenting smart alternatives to save and invest their cash on-the-cross.
3 Mn Financially Fit People And Counting!
Ever because the app went public in November 2014, it has registered downloads to the tune of three Mn. The startup has raised a couple of rounds of investment from buyers together with Alok Mittal, and a recent round of almost $8.5 Mn from Tiger Global, Accel India and Ribbit Capital, last yr.
Since the app may be downloaded and used at no cost like different apps, the startup, until lately, did now not have an active revenue model in area. However, now with the release of the Green Account, it'll earn from the distribution charges from its companions at the platform (presently ICICI alone). Consequently, it pursuits to provide more such merchandise so that above tracking charges, its users can advantage extra value from the app. Puneet provides, “Our modern attention is to push tough in this partnership with ICICI, gauge the consumer response and feedback to it, and then examine addition of different partners.” A host of different trends have additionally been covered up for the app.
The Other Money Managers
As a ways as the economic control area is concerned, Money View isn't always the simplest non-public assistant to be had. There are others which include Walnut to music prices, get financial institution balances, and break up bills with buddies; Times Internet-backed money management app Smartspends; rate manager Gullak, which claims to have registered over 1 Mn downloads; and Aditya Birla’s MyUniverse.
Globally, there are numerous similar applications which include Mint, Goodbudget, Mvelopes, Billguard, Pocket Expense, Expensify, and others. There are products including PolicyBazaar, Bharosa Club, Tavaga, and Scripbox. Which give investment products on line to retail buyers with the intention to grow their cash.
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Money View, however, believes that by taking a purchaser-centric approach it can differentiate itself from others, because the competitors are simply focusing on part of the customer’s economic universe. It, however, enables clients determine out the whole monetary spectrum. Also, by integrating investment merchandise into its portal via the Green Account, it is hoping to get a step beforehand of its competition and be a whole personal money supervisor to them in all respects – from monitoring costs, to saving, to growing their money.
Editor’s Note
While the proposition of Money View is an attractive one for discerning customers, its real take a look at might be its potential to differentiate itself from the gamut of monetary management apps within the market today. The first step toward it's far the Green Account, which places it a league beforehand from genuinely being an cost tracker app. How fast is it able to appeal to greater purchasers to its fold with the aid of introducing greater such functions at the same time as upholding facts privateness and safety are elements so one can determine its further adoption.
Additionally, the success of the Green Account is likewise crucial for it as it will validate the efficacy of its business version, therefore catapulting it from merely being a loose price tracker. A pronouncing via Rob Berger, founding father of the Dough Roller, a popular private finance and investing internet site is going, “The exceptional aspect cash should buy is monetary freedom.” By making feasible investments from its platform, Money View looks to be on its way to make sure simply that for its customers. How seamlessly it may try this can be its real take a look at of achievement.
