Fincart: The Fintech Startup provides personal Finance Solutions for better money management in the Modern Era

Fintech

When young adults start to work, the majority of the time these people do not have any financial obligations, hence it is like a power play for them, they must try to maximize their savings and not waste their hard-earned money. 

To start with it is advisable to have an emergency fund, good term insurance and health insurance cover. Thereafter they should start investing for their short-term, mid-term and long-term goals. They must avoid the personal loan or credit card debt trap. If they are using credit cards, then they must repay them in full on or before the repayment date.  

Our education system teaches us how to earn money but they do not teach us how to manage or invest our money. Financial literacy teaches us a few very important aspects of money management.

Fincart is a hybrid tech platform that customizes personal finance solutions for individuals based on their requirements & inputs. The platform aims not to sell yet another financial product but provide a holistic solution that helps to inculcate an efficient money management process.

A lot of other platforms are built with a broader purpose in mind, but Fincart is tailored to every individual’s personal financial needs and goals with three distinct unique propositions – Solution Oriented Mindset, Online Assisted Model, and Hybrid Tech Platform.

Speaking about the platform and its goals, Tanwir Alam, Co-founder and CEO of Fincart, said, “Most financial distributors were focussed on selling financial products whereas most individuals were looking for a knowledgeable, trusted advisor who could provide a holistic solution to all their financial worries. Further, the conventional brick-n-mortar model was an inefficient model of delivering the services given reduced margin in the Mutual Fund Industry.”

“Fincart has built a comprehensive technology-enabled ERP platform that helps advisors create customized online personal finance solutions for clients, transact & track progress digitally. 

Our vision is to help Indians achieve their lifetime financial goals. We will partner with like-minded Mutual fund Distributors, Insurance Agents and also develop new channel partners who wish to help Indians achieve their lifetime financial goals.”

“We are targeting to partner with 3000 distributors and partners in the coming 2 years time frame. We have also signed an MOU with an educational institution to build capabilities and develop new financial partners in the coming two years. We are testing this as a pilot project. We will leverage the learnings of this engagement and add scale quickly after the success of the first batch. The increased distribution reach will help us move closer to our vision slowly & surely.”

Adding about the opportunity in Tier 2 and Tier 3 cities, Tanwir further said, “The Association of Mutual Funds in India (AMFI) has done a commendable job with the “Mutual Fund Sahi Hai’ campaign. It is increasing awareness amongst Tier 2 & Tier 3 people in the country. We have also started partnering with Mutual Fund Distributors and Insurance Agents to reach out to the people of Tier 2 and Tier 3 cities. We also aim to convert our websites from English to “Multilingual” by the end of this Financial Year for establishing better connections with Tier 2 & Tier 3 people. “

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