How do you feel about your overall financial stability? How much money will remain in your bank account after the next big purchase? Did you forget to make a bill payment? Do you know answers to these questions? How much money do you expect to have in your bank account in the next six month? It could be overwhelming to answer these questions and many people struggle to do so.
There are many way to track your budget. You could use traditional ways of spreadsheets, pen and paper or even financial app managers. However, most of these solutions can’t solve complexity of individual budget needs that help you evaluate your financial standing. Also there are several shortfalls to traditional money managers. First, they track your finances, but they can’t provide you with financial trends or advice. If you are looking to save money and you need financial planning, you are out of luck. And lastly old ways of interpreting your money might not be enough.
Now imagine a tool that can do all of this. It can visualize your current capital from multiple accounts in one aggregated dashboard, provide you financial reports, set budget goals, schedule your financial payments and much more. To address this challenge Welto.IO released a personal financial adviser Welto, that is capable of doing all of that.
This is the next generation financial application that can track, analyze and provide you with insights on your spending, budget and financial goals. To take it one step further, the team at Welto decided to integrate with Amazon’s Alexa framework. It allows users to communicate with your application in a new intuitive way. One of the primary goal was to create the next generation user experience to help clients understand their finances in a new more predictable way.
Artificial Intelligence is here
Welto is planning to integrate Artificial Intelligence (AI) to help you better understand your money and to give you useful advices about purchases, financial goals and budget. Artificial intelligence and trends add a huge advantage to your financial predictions. Welto’s AI framework is based on existing patterns provided by the user, as well as analysis from Amazon Machine Learning.
For instance, if you have information about your current expenses and incomes as well as the data from previous months, you could analyze and structure it to provide you with a financial model of your budget. This is particularly useful for people who are looking to save money. User will be able adjust their spending in order to reach their financial goals faster. It will unfold new and amazing way users can “see” their financial data sets. This update is expected to be released in the in Q3 2017.
Keeping up with your financial goals
One of the biggest financial problems that millennials are facing right now is being financially responsible and careful with their money. Buying a house has become a daunting task for many young people due to financial complications of the last 20 years as well as complexity of the whole process.
College loans, finding a job after college, growing home prices are all reasons for that. You have to be financially disciplined to reach your financial goals. Welto provides users with a financial goals module where you can allocate part of your income towards a financial goal. It might not be that obvious, but if you stick to the plan and stay disciplined you will be able to reach your goal.
Take control of your budget
Budgeting module allows you take real control on your money in a new way. Set your budget limits and the application will track them for you. This is a very simple yet effective way to stay on track.
Define the categories that you would like to add to your budget and let the application guide you throughout monthly cycle. Not only will you be able to see your budget, but you will also be able to analyze your budget trends and see if you can catch up on on your financial goals.
Schedule your finances
Don’t forget to pay your bills on time. That is a very simple task but it can complicated to accomplish in real life.
To solve this problem Welto introduced a scheduling feature that will allow you to stay on track with your bill payments. You will be reminded when you payment is due so you won’t miss any dates.
Just say “Welto App”
Besides Artificial Intelligence, Welto is also integrated with Amazon Alexa speech recognition to add voice controls. Because of that, users can control their financial transactions in a new clever way. Some of the commands that are available now are:
Alexa, how is my current balance in Welto App?
Your current balance is 12,440 dollars on all of your accounts.
Alexa, what is my income last month in Welto App?
Your incomes last month is 4,220 dollars.
Alexa, ask Welto App, how is my financial goals?
You have 1 goal. Savings for education should be reached on May 14, 2019 with amount 32,500 dollars.
or frase with artificial intellegence in the background:
Alexa, ask Welto App, when I will be able to reach my financial goals?
Based on your current financial spending, you will be able to reach all of your financial goals in approximately in two months.
One of the most exciting announcement for Alexa is the availability of the service on the go. Amazon Alexa is already available for several automotive manufacturers which will allow you to take your app on the road with you.
Your Personal Financial Adviser is here to stay
In the era of apps, voice control and artificial intelligence, Welto provides users with a new way to view their money. Our mission is to use next generation of technologies to provide customers with the best possible financial solution. We are working to help you understand your money in a new way.