Updated on December 10, 2024 at 5:01 p.m. IST
AI-powered financial assistant to help you manage your finances
New Delhi (India), December 10: India is one of the fastest growing economies in the world, but there is only one financial advisor for every million people. This striking statistic highlights the urgent need for personalized financial advice in the country. Compared to other countries like the United States or the United Kingdom, there are many more financial advisors serving their population as a whole. This therefore creates a tremendous unmet need for large-scale consulting services, requiring actionable management tools reaching large populations.
The general population’s accessibility to any form of financial advice is limited. While HNIs benefit from the experience of personalized advice, for the average person, management finance is often considered a daunting task. Mastering the smallest details of financial products and keeping an eye on various accounts, loans and investments: the financial journey is indeed strewn with difficulties.
Innovate and provide functional solutions to fill these gaps, MobiKwik has democratized the field of financial advisory services with its AI-powered solutions LENS and LENS.ai. They have democratized access to financial advice, providing unbiased, data-driven information. These solutions allow individuals to manage their finances independently, without resorting to traditional advisors.
Problem: financial management for the masses
The reason is that financial data is usually fragmented, be it bank accounts, credit cards, loans and other financial services. Overall, it’s not easy to see for yourself how things are going. Traditional banking interfaces are cumbersome and typically require manual recording of expenses and income. Most users will need to do tedious consolidation from multiple sources just to view comprehensive data about their finances.
This type of fragmentation in how people manage their finances simply leads to missed payments, unmonitored investments, and poorly informed financial decisions. Most don’t know when they’re billed or how much they save and spend per month. And of course, in an ever more complex financial world, there is a growing demand for simpler ways to manage money.
MobiKwik LENS: solutions for everyone
Providing an all-in-one financial management service, MobiKwik LENS becomes a comprehensive management tool powered by AI. While securely linking all customer bank accounts, LENS consolidates financial data into a single, easy-to-navigate dashboard. All this further allows the user to track their income, expenses, and investments with as little effort as possible. More exciting features would be that LENS could classify every transaction made into over 200 categories, including investment, bills, food and dining or entertainment. The AI-based categorization is easy to navigate and lets users know where their money is going, thereby allowing the user a clear view to sort through every detail of financial activities. Using machine learning, LENS improves and becomes more relevant over time.
LENS.ai: Personalized chatbot, designed just for you
Adding to the huge success of LENS, MobiKwik launched LENS.ai: an AI-powered chatbot that would function more like your personal financial assistant. This recent addition to LENS uses NLP to provide user queries with real-time financial data analytics in their native language. Whether it’s understanding where money went last month or comparing spending across categories, the information LENS.ai returns is both personalized and simple to understand.
Overall, LENS.ai is about personalizing data for users regarding transaction history, spending habits, and financial goals. It’s a bit like telling a person how to reduce unnecessary spending or how to improve their savings based on their financial behavior. In this regard, LENS.ai plays the role of a virtual financial manager, simply by providing actionable insights without any human conversation. The chatbot interface is highly scalable and can engage millions of users at a time. Such scalability is important for a country like India because financial advisors are in very short supply, leaving many people indifferent. LENS.ai offers a conversational, easy-to-use way to manage your finances.
Brand Impact
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