New CRED product makes mastering money effortless

Varahi Media.com online news,July 25,2024: CRED, the most rewarding payments platform for the affluent, is set to transform the experience of managing money. CRED Money makes personal financial management inspirational rather than intimidating, as a trusted, intelligent, and helpful guide towards financial progress.

The administrative overhead of managing money increases exponentially with time and wealth. Over time, transactions get fragmented across multiple accounts: a newspaper subscription here, an SIP payment there, and the anxiety around staying on top of things multiplies. Low-confidence financial decisions – the average consumer makes ~200 of them every month – can impair compounding and distract them from their goals.

Multiple accounts, one view

Nearly 7 in 10 of India’s affluent live with fragmented finances across multiple bank accounts, wallets, and UPI IDs. CRED Money eliminates the friction in financial decision-making this causes, with a unified view of balances, transactions, and patterns across bank accounts. Members benefit from advanced data science that turns each data point into actionable insights with which they can plan their lives better.

On-time payments, every time

Recurring payments – SIPs, EMIs, rent, staff salaries, or insurance premiums – expand as wealth grows. Members no longer need to juggle dates, amounts or accounts in their head, since CRED Money sends reminders, updates, and offers easy ways to act on them directly with CRED UPI. With CRED Money, every payment – not just credit card bills – becomes an input towards higher financial confidence. 

Spend more intentionally

Members can analyse spending patterns across bank accounts and search by merchant or category, enabling them to understand their own financial behaviour and take steps towards improving it. Too much ordering in, or not enough investments? Money lets members take a clear-eyed look at their spends, enabling them to redirect their money to what they’d truly value. A filter for amounts helps identify big spends for introspection on patterns around them, and to be more mindful of the little ones that add up to a lot.

On the flip side, consumers often miss moments of delight  – dividends on forgotten investments, payment reversals, or tax refunds – which they can now easily track and trace. Key updates curate the most important transactions and prevent notification fatigue.

Personal finance management that’s actually personal

CRED Money is built on the account aggregator (AA) framework, which enables consumers to permit secure and encrypted sharing of their bank account information between authorisedorganisations. The AA framework is part of India’s digital public infrastructure, aimed at putting citizens in control of their own data.

With CRED Money, members can understand their financial patterns without sharing their bank account login credentials or statements. CRED – as a licensed and trusted financial information user – presents these in a rich, digestible, and actionable format with no manual intervention and automatic categorization.

KunalShah, founder, CRED, said, “More money, more problems. For the affluent, managing finances often means more complexities leading to anxiety. We have built a product that improves every affluent person’s relationship with money and makes them less anxious about it through a trusted, insightful experience. CRED Money is for those who wish to have greater control over money without the pain of doing it.”

CRED Money will roll out to members in phases, starting today.

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