MobiKwik unveils financial wellness tool Lens; Check your worth, expenses and more

MobiKwik has introduced Lens, a cutting-edge financial tool with features such as net worth tracking, expense categorization, timely alerts, and plans for expanding its capabilities.

 MobiKwik, a popular digital banking platform, has introduced an innovative financial product called Lens aimed at enhancing users' financial knowledge and well-being.

Lens utilizes the Account Aggregator framework to securely and efficiently share financial data across various institutions, simplifying what used to be a laborious manual process.

MobiKwik claims that Lens employs advanced technology and data science to transform complex financial data into easily understandable and actionable insights.

Bipin Preet Singh, the Co-founder & CEO of MobiKwik, expressed excitement about Lens, emphasizing its role in improving financial awareness and control.

Key features of MobiKwik Lens include providing users with an overview of their net worth, smart categorization of income and expenses, and insights into bank account balances, spending patterns, investments, and repayments.

Users can also conveniently download their bank statements and gain a better understanding of upcoming bills and recurring expenses to facilitate monthly budgeting.

 The product includes a feature called 'Highlights' that alerts users to important financial events, such as expected refunds or unusual deductions like overdraft fees.

With its new tool, MobiKwik aims to cater to its 140 million registered users in India, offering several financial products tailored to diverse needs. It aims to provide convenient and affordable financial services to all, regardless of location or income level. 

MobiKwik plans to continue innovating and expanding Lens by incorporating additional features that offer a comprehensive view of users' finances, including investments, insurance, and pension funds.

MobiKwik achieved a significant milestone by becoming the first Indian fintech to report a positive PAT (Profit After Tax) in Q1 of FY23-24, with a YoY growth of 181%.