Digital banking platform MobiKwik has launched its new financial product called Lens to provide users with knowledge of their money and aid in financial wellness. It leverages the 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.
Excited about the potential of MobiKwik Lens, Bipin Preet Singh, co-founder and 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, spending, investments, and repayments. Users can effortlessly download their bank statements, and better understand their upcoming bills recurring payments, and expenses to better budget their monthly spending.
The product comes with an interesting feature called ‘Highlights’ which prompts for user’s attention at the right time. For e.g. is a refund a user is expecting from an apparel retailer, the 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.
Founded in 2009 the company accounts for over 140 million registered users across India. With a merchant network of over 4 million, MobiKwik is one of the most trusted and widely used digital banking platforms in India.