Dubai-based FinTech company Sav announced the launch of its first-of-a-kind feature, MyMoney, to meet the urgent demand of mass-affluent UAE residents for keeping financial health in check. Accessible through the Sav app, the innovative add-on is set to aggregate all user account details into one place, allowing for a comprehensive analysis of provided tracking, while giving a deep insight into personal cash flow. The launch of MyMoney marks the next step in capability for Sav to offer a rich set of tools for the management of money.
PC: mid-east.info
Simplifying Financial Management
The problem MyMoney solves is all too familiar to a great many UAE residents. In a world where digital and card transactions are at an all-time high and are making tracking expenditure more complicated, problems related to bad management and their eventual downturn in credit scores are commonplace. MyMoney is a solution to enable any UAE resident to view all information and manage it on one platform.
“We are extremely proud to bring you Sav MyMoney, the newest addition to our suite of tools to help UAE residents master their money,” says Purvi Munot, Co-founder and CEO of Sav. “Modern consumers juggle a ton of financial accounts, which makes tracking spending difficult. Sav MyMoney brings it all together in one place and allows users to visualise their spending in stunning ways, clearly surfacing insights so they can manage their money confidently.”
Key Features of MyMoney
To ease the process of managing money, MyMoney provides a number of features. As soon as a user connects a bank account to the Sav app, MyMoney starts automatically categorising user expenses and tracking transactions for the analytics of spending. Users are given a full transaction history for the last 180 days to learn from past habits and understand trends for better financial decision-making.
Among the distinctive features of MyMoney is the capability that allows adding the data about transactions from several accounts to a single dashboard. That way, one will be able to keep track of all his financial transactions, check purchases by merchants or by categories, and receive notifications on the bills and payments due. This way, the user will always have a complete picture of his/her spending and financial status.
Advanced Technical Integration
MyMoney will enrich the user experience by deploying Gemini AI from Google, a multimodal AI technology used for generating and processing text and images. This is strategically important in helping MyMoney present some of the more awkward information about finances in a friendlier, more graphic kind of form, hence financial management becomes very approachable.
Sav’s commitment to innovation, in fact, comes out strong in its approach towards financial technology. It does not stop at mere financial tracking; through advanced AI capabilities, MyMoney brings actionable insights into user spending patterns that, in turn, help to optimise cash flow.
Privacy and Security
Here, Sav has strong enough privacy and security features in place to protect user data for financial management. Mithil Ajmera, the co-founder and COO of Sav, emphasised how important it is for the company to secure their user’s information: “We are deeply committed to user privacy and security. All data is securely encrypted and protected, and we follow strict privacy policies and security measures to keep user data safe. “We don’t want to find out how our users use their money. We want them to know so that they can optimise their expenses and cash flow.”
It is a focus on privacy and security about the user’s data to ensure that it is being used with the intention of delivering the financial insights that give the users confidence in the safety of their information.
Broaden Financial Services
MyMoney was part of a broader Sav strategy in extending its suite of financial management tools. The company has grown massively in the past two years, with its user base growing by 200%. On top of MyMoney, services provided by Sav also include budgeting, goal setting, automation, prepaid cards, gamification, and gift cards.
MyMoney will go live on August 23, 2024, with a staggered deployment. By doing this, Sav can assist users through the transition and correct any problems that may surface with the launch of MyMoney.
MyMoney by Sav, therefore, is one step further into empowering better financial management of residents in the UAE. Bringing all financial data together and making it clear and actionable empowers people to take control of their spending and make informed choices. And as Sav continues to build a suite of financial tools, MyMoney will make an important contribution to help users optimise costs, improve cash flow, and advance in the direction of their goals.
