This social ticker is launched Indian fintech startup CRED’s ‘CRED Money’, which appears to be the first personal finance management tool designed specifically for India’s high net worth population. This new tool, as is clearly stated, seeks to make the management of the money that users have in different accounts easier by compiling it into one master list.
CRED, previously known for its credit card bill payment and lending services, is expanding its offerings to address a common issue among its wealthy user base: It is very clear, from these examples of Kenyan experiences, that we are dealing with highly fragmented financial information. CRED Money helps the users in understanding the cash flow, bill payments, expenditure pattern, and investment options. It also reminds the users of the particular transactions, which, in turn, helps them strengthen their financial management habits.
The feature uses India’s account aggregation structure, which was developed under the Reserve Bank of India, enabling customers to share their financial data between different companies with consent. The idea is to ensure that financial information is accessible to the user only during the time when he or she needs it and that no other parties get direct access.
CRED, valued at $6. Crossing 1. 5 using all available liquidity sources and reaching 4 billion users, it stresses it will not generate money from this option. However, what the company seeks to achieve is to level up the convenience of the users by using data science algorithms to provide the users with recommended actions. Such information can be useful to enhance users’ effective financial behavior to bring a positive change in credit rating and overall financial standing.
Here, the founder of CRED, Kunal Shah, said, “CRED Money is built to unbother you from the daily hustle of handling multiple money accounts, it aims to become your wise Financial Assistant. ”
This launch is in line with CRED’s plan to add depth to its personal finance product slate, coming after it bought Kuvera to offer mutual fund and stocks investment.