Introducing the “Welfie”, a picture of your personal finances

Alison Banney 5 September 2017 NEWS

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Launched today, personal finance app PictureWealth provides Australians with an image of their finances.

New personal finance app PictureWealth launches today with an impressive $500 million of assets being tracked after raising $1.2 million in capital. The fintech wealth management app provides users a snapshot of their personal finances in one image, or a "Welfie".

The new app enables users to bring together all their financial data, including bank accounts, daily expenses, assets and debts as well as their insurance policies and cryptocurrencies, so they can easily view it in one place. PictureWealth co-founder David Pettit said the platform gives users a holistic understanding of their personal wealth and financial position rather than needing to look at several different platforms.

"Until now, there hasn’t been a single space where people can view a picture of their personal wealth. They’ve had to refer to a combination of apps, websites, policy documents, financial advisors, spreadsheets and other outdated tools to get a holistic view of where they stand. PictureWealth aims to use world-first technology to bring financial happiness to more people," said Pettit.

Welfie

The app provides you with a selfie of your personal wealth, or a "Welfie".

The platform also offers an artificial intelligence (AI) chatbot called FLIQ (Financial Literacy IQ) to provide users with advice on their finances and help them better understand their current financial state. When looking at the Welfie, FLIQ can help answer questions such as how much money you're spending on coffee each month. It does this by scanning your bank account transactions.

There are many fintech apps in the market that claim to offer users a snapshot of their finances in one platform. In June, we saw the launch of personal finance app Moneytree in Australia following a successful launch in Japan back in 2013. Moneytree also provides users access to their financial data in one place and allows them to more easily interact with financial providers.

Pettit said PictureWealth goes one step further than simply showing users their financial state. "Unlike some of the other budgeting and money-management apps out there, we are continuing down the path of fully digitised advice across all aspects of personal finance. In other words, helping people build their financial picture, and then improve it with digitised guidance and advice."

Rather than going directly to consumers, PictureWealth is selling the platform to partners including Super Advice and RISE Standards, which will then deliver the product to hundreds of thousands of Australians through workplaces and government initiatives.

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Picture: Shutterstock

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