HYDERABAD: Personal finance planning is a complex job for most and the countless financial needs and choices available today makes it even tougher.
To address this need and provide invaluable inputs to help individuals in financial planning, Hyderabad-based startup MyMoneyKarma is using machine learning process and big data analytics.
The startup, which was set up in Nov 2016 at Telangana government’s startup incubator T-Hub, has already registered one lakh customers visiting its portal for information on various financial services and products, highlighting the demand for qualified financial advisers.
But how is MyMoneyKarma different from financial advisers and consultants? “I realised there is too much bias in advice given to people seeking home loans, vehicle loans, credit cards or those investing in various financial products. Advisers or representatives of banks or financial companies try to sell their products and thereby make decision making baffling for people. Also, financial situation of no two individuals will be identical. So, we wanted to remove human intervention and devised a process where financial inputs and suggestions are given based on data analytics and needs,” said Varun Agarwal, one of the founders. Varun is an ex-banker and he, along with two Stanford alumni, set up MyMoneyKarma.
Analytical approach
Through Machine learning process, MyMoneyKarma analyses the earning, spending, borrowing and saving habits of people and basing on that, refers suitable products. Though they are not charging anything now, in future they want to charge banks or financial institutions for referring their products. The bootstrapped startup has about 30 staff and about 3,500 people visit its website for various financial inputs daily.