Simplifying Finances For Your Day-To-Day Life With MobiKwik LENS

Many of us struggle with financial management on a day-to-day basis. When people maintain multiple bank accounts and manually track expenses, planning for the future certainly becomes daunting. The lack of accessible, affordable, personalized financial advice—or the high cost of what is available—only worsens these issues. This creates a pressing need for easy-to-use, affordable financial management tools. MobiKwik’s LENS, and now its AI-powered extension, LENS.ai, address this need, simplifying financial management for users.

The Problem of Managing Finances in India

Most of the complications in managing personal finances in India arise simply because financial data is fragmented. A person typically juggles several bank accounts, credit cards, and various other financial instruments related to investments, loans, and insurance products. The dispersed nature of this financial data places it beyond the reach of an individual who might want to know his or her general financial standing. Traditional banking interfaces, manual tracking systems, and the absence of real-time insights have further complicated this situation.

The result is uninformed decisions about finance, making most of the people either have no clarity of their finances, pay their bills belatedly, or have inefficient planning of the investment.

Presenting MobiKwik LENS: Your Financial Friend

MobiKwik has been innovating to democratize finance and make it more accessible. To facilitate financial management and provide ease to the masses, it launched LENS, the integrated money manager that makes personal finance management seamless for all. It enables users to have one single view of their finances and cashflows, aggregating safely all the bank accounts and further categorizing the transactions. Powered with machine learning algorithms, LENS provides real-time financial insights at weekly, monthly, and even yearly levels personalized as per one's spending and saving pattern.

Some of the strength areas of LENS include segregating transactions into more than 200 categories, including bank charges, investments, food & dining, and entertainment. This helps the users know where their money is going and helps them make informed decisions about finances. You can also search through multiple bank accounts in one go using the powerful instantaneous search. Lens even enables you to simplify your annual and quarterly advance tax filings by making all the relevant tax-related transactions such as insurance, PPF, NPS, dividend income, interest income, etc.

Additionally, LENS also prompts and sends timely reminders for periodic spending, such as paying EMIs, bills, or even hidden charges from the bank. These early notifications contribute to a scenario where users are more in line with their financial obligations, thus avoiding any unexpected penalties or mismanagement in this regard. Be it low balance alerts or reminders of upcoming bill payments, LENS makes sure one is forever in control of the financial life cycle.

LENS.ai: Your Personal Finance Advisor

To further enhance user experience and ease of tracking finances, MobiKwik has rolled out LENS.ai, an advanced AI-driven chatbot that completely changed the way users get financial information. Powered with Artificial Intelligence, Natural Language Processing (NLP), and machine learning, LENS.ai transforms complex finance data into easy-to-understand insights. LENS.ai can understand your question/doubt and its language, and respond in the same language within a few seconds, thus making it versatile to be used by everyone. It also suggests relevant questions for the user.

For instance, if one wants to analyze how much they spent on food & dining during the last month or how savings grew during the past year, both of these can be answered easily using LENS.ai. The chatbot processes the query and quickly retrieves insights from that data. LENS.ai also compares spending across categories to help users find patterns and optimize their finances, enabling the users to gain control over their finances better and improve their overall financial well-being.

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 story is not part of Outlook Money's editorial content and was not created by Outlook Money journalists.