Digital banking platform MobiKwik on Monday launched “Lens” — a financial product that will empower users with knowledge of their money and aid in financial wellness. Lens leverages Account Aggregator framework helps users share data across financial institutions securely and efficiently. It uses advanced technology and data science to make complex financial data, digestible and actionable, according to the company.
“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,” Bipin Preet Singh, Co-founder and CEO of MobiKwik, said in a statement.
With Lens, users can effortlessly download their bank statements, and better understand their upcoming bills recurring payments and expenses to better budget their monthly spending.
Moreover, the product comes with an interesting feature called ‘Highlights’ which prompts for user’s attention at the right time.
For example, if 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, the company explained.
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.
MobiKwik, recently, became the first fintech in the country to post PAT positive in Q1 of FY23-24, recording 181 per cent (year-over-year) growth.