Anyone remembers that good old time? You go to the playstore to download something and your phone would just give up on you. You either clear some memory or cry yourself to sleep. Well, with 64/128/256GB becoming the new normal in the smartphone industry, we envisaged that it will solve all our problems. To an extent, it did. But, it brought a set of whole new issues with it. With increased storage, there was an app for almost everything in our phones. Even I downloaded an application that reminded me to drink water. One fine day, when I consciously scrolled through my app drawer, I realized, something is horribly wrong. Phone needs to be free of clutter. That is when I realized, the power of the multipurpose apps. Enter IndMoney.
INDMoney is our home grown fintech platform that has been growing at a phenomenal pace. Every YouTuber, Finance Blogger would be endorsing it at one point. I myself am a user and a fan of this application. So today, I share why is this is a must have application in your phone.
What is INDMoney?
INDMoney is a fintech platform founded in 2011 by Ashish Kashyap. For those of you don’t know, Ashish was India’s first country head for Google. Later, he co-founded Goibibo and finally expanded his portfolio by including INdMoney in it.
INDMoney helps you track your existing investments, goal planning, carrying out new investments and a knowledge bank at the same time. Apart from that, they have recently ventured into lending space as well. If you want, you can trade US stocks too on their application. If you start using the application once, trust me, there is no going back.
When I learnt the history of the founders, I was curious to know how they landed up in fintech space. After all, you may think that some sort of finance background is a must before you plan to make a living out of it. Therefore, I decided to reach out to Kashyap on LinkedIn. And his reply was absolutely crisp and on point:
“Not being from the old world of Finance, we are able to give a fresh perspective to Finance where we want to enable customers to get control, transparency and better financial future.”-Ashish Kashyap
What Problems does INDMoney Solve?
According to me, there are a ton of features which are indispensable to my investment journey now. There are some which are good to have while there are others which I can live without. Let us explore a few of them:
1. Tracking Your Investments:
INDMoney has nailed this functionality like no other application could. If you are an avid investor, you know the importance of diversifying your portfolio. In order to achieve that, you invest in bonds, mutual funds, liquid funds, gold, government schemes like PPF, NPS, FDs etc.
The next big problem is how to track them from a single platform? Let’s be honest, none of us likes to maintain an excel sheet of our investments. Therefore, INDMoney will help you track all of that + a lot more type of investments. Even if you have invested outside their platform, they would be happy to connect to your Email, look out for your mutual fund statement and sync it with the interface.
It can also show your account balance basis the SMS you have received last from the bank.
Did I tell you that it also integrates with all key stock brokers like Zerodha, Groww, Upstox, ICICI Direct etc. to give you live updates on the stocks present in your portfolio?
2. Expense Management:
Your net worth is made of two components, assets and liabilities. So tracking your expenses and liabilities in the same app makes sense right? You can connect INDMoney with your SMS application and it will auto detect any debit messages from banks, UPI apps, wallets etc. It will show your expenses for the week, month and run some analytics on it as well if you want.
Apart from that, it will keep a track of your loans and credit cards. It will also auto fetch your CIBIL score every month to inflict financial discipline in you. Finally it would show your net worth on the top basis these two components.
3. Goal Planning:
Planning for a goal like education, child’s marriage, retirement, travel etc.? INDMoney has your back. You can simply put in the anticipated cost of that goal and INDMoney will help you know how much additional you need to save today in order to achieve that goal in time.
It will also incorporate your existing investments so that you have a clearer picture and can take a better call regarding prioritization of your goals.
4. Family Dashboard:
You can never plan your finances in silos. You need to discuss every plan with your wife and kids once they grow up. I am not trying to be pessimistic, but ask yourself this question. If you die tomorrow, will your family be able to access your hard earned money easily? If not, what is the point of it?
INDMoney allows you track your family finances as well from a single place. This is a paid feature though.
5. Knowledge Bank:
You can go ahead and research endlessly for your suitable mutual funds in this application. You would be able to see the break up of that mutual fund instrument wise. It will also show what weightages are held by key stocks in that mutual fund.
Apart from that, they have something called INDMoney Advisory. Advisory will share some recommended actions to fix your portfolio. Eg. switching from regular to direct mutual funds to save on expense ratio. Also, it will keep you updated regarding markets on a regular basis (you can chose the frequency), RBI Monetary policy updates and it’s interpretation.
You also get some custom notifications basis the stocks that you are holding. They claim that they have VGQM (Volatility, Growth, Quantity, Momentum) model that uses AI to predict the next best steps for your portfolio. However, this particular feature is again meant for prime members only. I used it when it was free about 3 months ago and found it pretty helpful for the people who are into trading etc. However, as a retail, value investor, I couldn’t derive much value from it.
My experience with INDMoney has been delightful. Onboarding for investing on their platform is very simple. Setting up mandates is also a digital affair. At each step, you will find their support team just an email away. Recently, I installed INDMoney on my father’s phone as well. Turns out he found a couple of matured investments he was not sure if they existed.
So, what are you waiting for? Go install this and share your experience with me.
Got questions? Want to take it to the next level? Reach out to me using your preferred platform from the links below
Until next time..
This post is in association with Blogchatter’s #BlogchatterA2ZChallenge.
2 thoughts on “IndMoney: The Swiss Knife of Personal Finance”
What I like about your posts is that you try out these apps and tell us about your experience.
Thanks mam. Glad you liked it.