Cashcow.in

Money Management Tools in India

We @ Cashcow.in have featured many personal finance management tools that catered to the Western World markets. We have now come across some sites/applications that manage money and specifically caters to the Indian audience.

One of them is Onyem - Onyem basically helps to track your income and expenses. You have to input the amount you have in the bank and then keep giving details of the income that you receive and expenses that you make. The expenses and income can be categorized into different heads. You then get charts and graphs giving an overview of your financial health. They also say that they have integration with HDFC Bank and ICICI Bank . If you have an account with these banks, you can basically upload your statements that you receive from them and the application creates the transactions present in these statements on your Onyem account. This we feel is a very good feature as there are many obstacles in our country to get this kind of integration.

The second one we came across is Perfios .

Perfios is supposed to automatically fetch all your personal financial transactions from hundreds of supported financial institutions. Financial transactions include banks, mutual fund, and equity transactions.

The application will analyze your personal financial data using preconfigured report templates. Reports for income/expense analysis to capital gains report for equities and mutual funds will be generated.

You can set up alerts or reminders for personal finance transactions like premium payments or credit card due dates. You will get a holistic picture of your financial health using the dashboard. The dashboard will have capability for you to drill down to respective account summaries and account details.

We have written everything in future tense as Perfios is an invite only service as of now and it has not been made public as per the website.

MobileWallet also manages money but goes one step further and is available as a mobile banking solution. Basically you can use this on your mobile phone. The user can download the application to his phone. MobileWallet allows a bank’s customer to access their entire financial portfolio via the mobile phone securely, A bank’s customers can now access, print and receive alerts on all their financial information, including online banking, bill pay, loans, credit cards’ bills, insurance, fixed deposits and even reward points information, not only from the bank offering such a solution, but also from other financial institutions, through a single user interface.

It is good to know that such applications are getting developed for the Indian customers. If you look at the rate at which Internet usage and mobile phone usage is increasing, these applications would develop a good user base.