CRED has announced CRED Money, a new personal financial management tool designed to simplify and improve financial tracking. The company aims to provide a clear and actionable guide to managing finances.
CRED Money addresses the issue of fragmented transactions across multiple accounts, such as newspaper subscriptions and SIP payments, which can cause anxiety and lead to poor financial decisions.
CRED Money offers:
- Unified Financial Overview: CRED Money aggregates balances, transactions, and patterns from multiple accounts into a single view. It uses advanced data science to provide actionable insights for better financial planning.
- Timely Payment Management: It sends reminders and updates for recurring payments like SIPs, EMIs, rent, and insurance premiums. Members can manage these payments easily with CRED UPI, enhancing overall financial confidence.
- Intentional Spending Analysis: Members can review spending patterns by merchant or category to understand and adjust their financial behavior. CRED Money highlights large expenditures and small spending habits to help users make more informed decisions.
- Tracking Forgotten Transactions: The tool helps track dividends, payment reversals, and tax refunds, curating important updates and reducing notification fatigue.
CRED Money operates under the account aggregator (AA) framework, which allows secure and encrypted sharing of bank information. This framework is part of India’s digital infrastructure, giving users control over their data without sharing login credentials or statements.
Availability
CRED Money is now being rolled out to members in phases.
Announcing the update, Kunal Shah, founder of CRED, said,
More money can often mean more problems. For the affluent, managing finances brings increased complexity and anxiety. We have developed a product that enhances how affluent individuals interact with their finances, reducing anxiety through a trusted and insightful experience. CRED Money is designed for those who want better control over their finances without the associated stress.