‘Beware of little expenses; a small leak will sink a great ship.” -Benjamin Franklin
And yet it is these little expenses occurring on a daily basis that become hard to keep track of! Even for the smartphone generation like ours, the term financial management still seems to be a bit fuzzy. While we all know how much money is pouring into our accounts, few of us have a clear idea on how much is pouring out on a daily basis. For most of us, financial management and investment is something that we normally do once a year at the onset of the (dreaded-by-most) IT filing date. But what if it was possible to keep track of our finances on a daily basis without feeling lost or befuddled?
Money View founded by Puneet Agarwal and Sanjay Aggarwal in March 2014 is one such startup which aims to simplify financial management for users. The Bangalore based startup’s core focus is to make financial management simple, smart and secure; thereby, enabling end-consumers to manage their day-to-day expenses and finances in today’s disorganised finance sector.
Puneet, who has spent over 15 years in the financial technology sector in US, says,
India is at a cusp where financial technology will cause a huge transformation. Everyone wants to make sure that they stay financially fit but it is difficult for a common man to stay on top of his finances as it needs a lot of time, energy, and expertise. So we wanted to make a secure, simple, and smart personal financial management solution giving users the tools to take the right financial decisions. Hence, like our name, our USP is giving a ‘single-view’ access to all your money.
The fact that banks have been mandated by RBI to send notifications to their customers about every transaction related to their account, enables Money View to harness this info to build on tools to track income and expenses, giving the user a simple way to manage expenses.
Show Me The Money!
A user who downloads the Money View app, will be able to receive a single view access to all the inflow and outflow from his bank accounts. The app uses information from SMSes sent from banks, merchants and other billers, and then auto tracks, monitors and analyses the income and spends of users. Then it allows users to send a budget, and keeps them updated in real time about their monthly spends.