EMPOWERING INDIA WITH ACCESSIBLE AI-POWERED FINANCIAL ASSISTANT TO BRIDGE THE FINANCIAL HEALTH GAP

India has reached the most critical juncture in its financial history. Despite massive economic growth and digitalization, millions are still finding their way to managing personal finances. Financial literacy is a challenge for many, and quality financial advice has remained the domain of the high-income brackets. And, in the process, the large mass of the population is left to one's own judgment in dealing with the complicated financial systems.

But LENS by MobiKwik and its AI-powered chatbot extension, LENS.ai, are bridging this wide gap in democratizing financial advice and making it available to all Indians.

The Financial Health Challenge in India

In as diverse a country as India, managing one's personal finances can be particularly tricky. Most Indians have a bouquet of financial products ranging from bank accounts, credit cards, and mutual funds, but they have absolutely no idea about tracking their financial activities. Financial advisory services have conventionally been reserved for the rich, with one investment advisor serving a million people, according to data from Sahamati's June 2024 report​. The sharp divide in financial advisory services means that most Indians receive a meager amount of financial advisory services, making them error-prone in regard to making poor decisions about their finances.

Second, there is financial fragmentation. People maintain multiple bank accounts, loans, and investment portfolios, making it hard to track expenses, savings, or investments in one go. Tracking manually involves a lot of time and is prone to errors; it also lacks actionable insights to make critical choices. As a result, most people find it very difficult to manage their expenses, plan for the future, or even fathom their financial standing.

Introducing MobiKwik LENS: The Game-Changer in Financial Advice

MobiKwik's LENS, using the power of AI, has been conceptualized to handle all these issues. This is a far-reaching yet simple-to-use financial assistance tool that presents the user's financial health status in real time. With LENS consolidating all financial data at one spot, users are able to monitor income, expenditure, and investments by eliminating the need to log into various different banking apps. This is a very strong inflection point in how financial advisory services are going to be delivered in India, breaking barriers that have kept quality financial advice out of the reach of the majority of the population for a very long time.

LENS integrates with the account aggregator ecosystem in India, which allows users to share financial information across platforms in a highly secure manner. This further empowers LENS with the capability to provide a 360-degree view to its users of their wide-ranging assets-including equities, mutual funds, fixed deposits, and many more-leading to smarter decisions about one's financial future.

MobiKwik's LENS platform has introduced AI-powered chatbot, LENS.ai, a facility that provides users with personalized financial insights in tune with their unique needs. This far, such personalized advice has been a fad enjoyed only by high-net-worth individuals; however, with LENS.ai, this level of service is now accessible for one and all. LENS.ai brings data-driven recommendations for users' finance optimization through analysis of the users' financial data, spending patterns, and investment portfolios. Whether finding hidden bank charges, tax planning, or advising on investment strategies, LENS.ai really is a comprehensive financial guide that's very understandable.

With the aid of a chatbot, you may just pop a question into the screen in your language and get insight and suggestions from the AI bot instantly. Whether it happens to be explaining what just went down in the last transaction or pointing out where one may cut unnecessary spending, LENS.ai is a virtual assistant that will guide users in their quest to keep good financial health.

Empowering Financial Independence

MobiKwik LENS is to empower the Indian masses, so they manage their finances with confidence without any compromise or shelling money. Automated expense tracking, transaction categorization, and insightful personalized suggestions make it way easier to take charge of one's financial life when compared to a platform dependent on help from outside. Instead, people can use LENS and LENS.ai to understand themselves better and, therefore, be proactive to change their financial situation.

For those who feel they cannot manage multiple financial products, LENS introduces a much-needed simple and intuitive way. In LENS, users have the financial data at one place so they can make better-informed decisions with regard to saving, investing, and spending. This kind of empowerment through AI technology is going to change the conventional way of dispensing financial advice, returning locus control to the people.

MobiKwik Lens harnesses the power of Ignosis’s advanced Transaction Categorization Engine and Multi-AA Router, both designed on the RBI-led Account Aggregator (AA) framework, to deliver an enriched user experience with powerful financial insights.

Disclaimer: This article is sponsored content curated by HT Syndication. The inputs and details accounted for in the article do not necessarily reflect those of HT, and HT does not endorse or assume any responsibility for the information provided.

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2024-11-20T04:14:00Z