Project Concept
Problem
Users are increasingly distributing their personal finances across multiple banks: they use different cards for receiving income and daily expenses, open separate accounts and savings, and utilize credit and investment products. As a result, information regarding funds, expenditures, savings, and obligations becomes fragmented across several banking applications. Each app provides data only pertaining to that specific bank’s products. To assess their overall financial standing, users must manually reconcile information from different applications. This complicates funds control, analysis of aggregate income and expenses, tracking of savings, and planning for future decisions.
Solution
To create an independent personal finance aggregator that consolidates user product data, allowing for a comprehensive assessment of their financial standing. The service will be able to display total assets and liabilities, account for upcoming payments, unify transaction history, analyze income and expenses, and track savings. Users can also set goals within the application, and the built-in analysis system will independently evaluate the consequences of various decisions and predict their impact on the financial situation.
Format
A digital service delivered via a mobile application.
The initial version of the product can function with manual entry of financial products and data import, allowing the product to be launched and tested without requiring mandatory cooperation from major banks. Subsequently, the service can utilize standardized Open APIs to automatically retrieve data from various financial institutions with the user’s consent. The development of this data exchange model is already envisioned by the Bank of Russia within its open finance concept.
