Source: Flamingo Tech
Flamingo Tech launches its personalized financial platform helping users to set, track and optimize financial goals based on their desired lifestyle.
“We are here to equilibrate financial wellbeing… The financial sector has existed in siloed structures, masking data from the user. We must emerge from these silos and make financial data accessible so that the user can make more informed financial decisions.” says Sana Tayyab, C.E.O at Flamingo Tech Pvt Ltd.
With mounting concern amongst the general public about their financial situation, it’s high time that they are given more control over their finances, expenses, and savings goals with a reduction of reliance on loan money.
Flamingo Tech launches its personalized financial platform helping users to set, track and optimize financial goals based on their desired lifestyle. The app introduces new waves of innovation in personal finance management, focusing on financial forecasting. Flamingo performs all the complex functions in the background and presents users with a summary of their finances and goals using an extremely intuitive and straightforward user interface.
According to a Commonwealth Bank (CBA) report, Australians’ use of digital wallets increased by 90% after March 2020. It’s expected to become the top payment method in Australia by 2024, while the number of digital wallet consumers will mount to an estimated 4.4 billion globally by 2025. While those figures show the users’ are inclined towards simplicity and convenience in everyday transactions, Flamingo equips every user with the technology to manage and track their own finances. The idea is to empower the users within their means and, then based on their data, make financial forecasting simple and accessible for everyone to create and meet future saving goals.
As Sana Tayyab, CEO of Flamingo Tech, aptly explained during a briefing, “We are here to equilibrate financial wellbeing. It's important that we recognize that the consumer expects more from their purchase than the simple purchase of products or services. The financial sector has existed in siloed structures, masking data from the user. We must emerge from these silos and make financial data accessible so that the user can make more informed financial decisions.”
Following that vision, the app will be rolled out in two phases. In their first phase of app usage, the users will be able to manage and track their income and expenses with just a few clicks. Users can set and monitor personal saving goals under various categories and achieve basic financial forecasting without any outside professional assistance.
The second phase will involve the use of Artificial Intelligence-led analysis and forecasting, where the app will generate user-specific financial forecasts to meet saving goals, such as for emergency funds, purchase of property, retirement funds, and any other monetary targets.
One of the top reasons for nearly half of the existing consumers (48%) to use digital wallets is the simplicity of the process. Understanding this requirement, Flamingo has been developed with the convenience aspect in mind both in its design and operations. Therefore, the app includes a customizable dashboard that summarizes a user’s total income, expenses, and progress on saving goals - all in one glance. The platform is optimized for use on both Apple and Android mobile devices and is available for download in the App Store and Google Play… and it’s free of cost.
As an all-in-one personal finance solution, Flamingo offers the following features:
Personalized Finance Management - Monitor and track every penny that comes into and goes out of your funds. Make the budget that fits your lifestyle.
1- Automating Savings/Financial Goals - As soon as your paycheck comes in, let the fixed amounts go to their respective funds. Automating this process saves you having to make deposits and track your progress manually.
2- Financial Forecasting - Be well informed of your financial progress. Take action today to maximize your future wealth.
3- Financial Health Score - Know your financial health based on your income and your savings habits.
4- Positive reinforcement towards personal savings - Get into the habit of saving up. Start with our monthly card. Build emergency funds. Meet your financial goals in cash.
5- Real-time feedback on incoming and outgoing funds - Always know where your cash is going. Make budgetary adjustments on the go.