CRED's latest feature lets you track and manage bank transactions
What's the story
Indian fintech startup, CRED, has unveiled a new feature called CRED Money. This tool is designed to assist its customers in managing their finances and providing deeper insights into their cash flow. The Bengaluru-based company, primarily known for its credit card bill payment and consumer lending service, is broadening its scope with this personal finance management feature.
Consolidation feature
CRED Money: A comprehensive dashboard for financial data
CRED Money consolidates users' financial data from all their bank accounts onto a single dashboard. This feature allows customers to view their bank transactions and recurring payments such as SIP investments, rent, and staff salaries. Users can also search for transactions by merchants or categories and receive reminders, providing a comprehensive overview of their financial activities.
Data sharing system
CRED Money utilizes RBI's account aggregator framework
The new feature leverages India's account aggregator framework, a financial data-sharing system launched by the Reserve Bank of India. This system enhances transparency and user control over personal financial information. It allows consumers to grant temporary, purpose-specific access to their financial data across multiple institutions through a standardized, encrypted channel. CRED Money is the latest addition by the startup and will be launched in phases starting today.
Financial optimization
CRED Money aims to simplify financial management for affluent Indians
CRED, valued at $6.4 billion, uses data science algorithms in CRED Money to analyze the high volume of transactions conducted by its users across multiple accounts. The platform aims to convert this information into brief actionable insights that can assist users identify spending patterns, investment opportunities, and areas for financial optimization. According to the startup, nearly 70% of India's affluent population struggles with managing their finances across multiple platforms.