MobiKwik launches Lens to demystify your money !
Chennai, September 11, 2023 - MobiKwik, a leading digital banking platform, today launched Lens, an industry-first financial product that will empower users with knowledge of their money and aid in financial wellness.
Lens leverages Account Aggregator framework which helps users share data across financial institutions in a secure and efficient manner. Mobikwik Lens uses advanced technology and data science to make complex financial data, digestible and actionable. Earlier, it was a tedious manual process involving countless spreadsheets and now it is available at one’s fingertips.
Excited about the potential of MobiKwik Lens, Bipin Preet Singh, Co-founder & CEO of MobiKwik, said, “Lens addresses the fundamental aspects of financial wellness – awareness and control over one's money. Our research showed that it’s difficult for individuals to monitor their financial inflows, outflows, and transactions at a granular level. Lens empowers informed decision making, enabling users to make proactive choices about their finances.”
MobiKwik Lens offers a suite of features including but not limited to an overview of one’s net worth with transaction details, smart categorisation of incoming and outgoing money, trends of bank account balance, spends, investments, and repayments. Users can effortlessly download their bank statements, and better understand their upcoming bills and recurring payments and expenses to better budget their monthly spends.
The product comes with an interesting feature called ‘Highlights’ which prompts for user’s attention at the right time. For e.g. there is a refund a user is expecting from an apparel retailer, MobiKwik Lens will highlight that the refund has been credited to the account. Similarly, any unusual deductions like overdraft fees get highlighted immediately. It will tell how expenses are increasing or decreasing over a period of week, month, and year.
“With a commitment to innovation, we will further enhance Lens with new features to not only get financial intelligence across multiple bank accounts but also get a 360-degree view of their money across investments, insurance, and pension funds,” Bipin added.
MobiKwik, recently, became the first fintech in the country to post PAT positive in Q1 of FY23-24 recording 181% growth Y-o-Y.
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