MobiKwik, India’s leading digital payments platform, has launched a new feature called Lens to help users with their finances. Lens is a financial wellness tool that leverages the Account Aggregator (AA) framework to provide users with a holistic view of their financial portfolio. It helps users to track their income and expenses, understand their spending habits, and make informed financial decisions.
How Lens works
Lens works by connecting to users’ financial accounts across different banks and financial institutions. It then aggregates this data and provides users with a unified view of their finances. Users can see their net worth, track their income and expenses, and get insights into their spending habits. Lens also provides users with personalized recommendations on how to improve their financial health.
Benefits of using Lens
There are many benefits to using Lens, including:
- Holistic view of finances: Lens provides users with a holistic view of their finances, including their investments, insurance, and pension funds. This can help users to make better financial decisions.
- Improved financial literacy: Lens helps users to understand their financial data and make informed financial decisions. It also provides users with educational resources on financial planning and management.
- Better budgeting: Lens helps users to track their income and expenses, which can help them to budget more effectively.
- Reduced debt: Lens can help users to identify and track their debt, and to make a plan to pay it off.
- Increased savings: Lens can help users to identify areas where they can cut back on spending, and to save more money.
How to use Lens
To use Lens, users need to create an account on MobiKwik and connect their financial accounts. Once their accounts are connected, users can view their financial data and insights on the Lens dashboard.
Here are some examples of how users can use Lens to improve their financial well-being:
- Identify areas where you can cut back on spending: Lens can help you to identify areas where you are overspending. For example, you may be spending too much money on eating out or on online shopping. Once you have identified these areas, you can make a plan to cut back on spending.
- Create a budget: Lens can help you to create a budget and track your income and expenses. This can help you to stay on track with your financial goals.
- Pay off debt: Lens can help you to identify and track your debt. You can use this information to create a plan to pay off your debt as quickly as possible.
- Increase your savings: Lens can help you to set savings goals and track your progress. This can help you to save more money and reach your financial goals.
Overall, Lens is a powerful tool that can help users to improve their financial well-being. It is easy to use and provides users with valuable insights into their finances.