Developed a product to save and invest money after every spend
- Product Engineering
Overspending with small savings is a big financial problem for many individuals. Finance experts advise saving at least 30% of total income but it is done by only a small part of the population. Savewallets wanted to solve this problem by making saving automatic and making it a part of routine.
The SaveIN team reached out to Auriga for product development as a family friend referred Auriga to them.
How we helped
#Product Design | #Product Engineering
Human nature is to adapt and do whatever becomes a routine. Day to day activities are done by us without even thinking as they have become part of our routine. Savewallets targeted this human nature by saving money regularly. Save wallets offer a platform where a fixed amount of money will be saved each time a user spends money on anything and thus making it a routine. Financial data was aggregated from the various sources (Debit Card, credit Card, Bank Statement) using the services of Yodlee and an expense manager was custom-built.
Users can set the savings goals corresponding to different types of expenditure. At each transaction after identifying the expenditure category the defined percentage of funds will be added to the investment portfolio. The Funds will be held securely in Escrow by EMI Licensed, PCI – DSS compliant payment provider – Mango Pay. The funds can be withdrawn to a personal bank account anytime.
The App also consists of a Risk Assessment tool for its users and make suggestions on Asset allocation into bonds, equities etc based on the risk profile along with the projected returns.
The application allows users to monitor investment along with the returns. The user can also monitor his expenditure category wise.
Platform – iOS Native App
- Financial Account Aggregation – Integrated Yodlee to get the Data from bank account, Credit Cards .
- Integrated with Mongopay to move funds from customer accounts to Save Wallets for investment.
- Expense Manager – Categorize user’s transactions to offer expense insights and create portfolio
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